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Outstanding Service for Investment Property Bridge, Rehab, Rental, and Construction Loans
Funded Residential Bridge Loans in Colorado
Bench Equity, a private lender for alternative loans, funded a $350,200 bridge loan in 1st lien position for the acquisition of a single-family residence in Arvada, CO. We funded 85% of the $411,000 purchase price, while the Borrower contributed 15% cash at closing. The Borrower was part of an experienced investor group that prioritizes No-Points loan options for the flexibility it offers fix and flippers who want to get in and out of deals quickly. We offered maximum leverage (85% of purchase price) and were able to get the deal funded in less than a week! The subject property was in good condition and vacant at closing. The Borrower plans to sell the property upon completion of rehab. The interest rate was 13.25%. The loan term was set at 6 months. This SFR bridge loan was funded in November 2022.
Refinance Bridge Loan for Short-Term Rental Home in Denver, Colorado
Center Street Lending, a direct private lending firm funded a $550,000 bridge loan for the purchase of a single-family residence in Denver, CO. The purchase price was approximately $733,000 so our 1st mortgage was a 75% loan-to-value and the Borrower put down 25% cash. They plan to operate a short-term rental with nightly or weekly guests. Conventional lenders don’t currently lend on these types of rentals, and even most private/hard money lenders won’t consider them either. Center Street is comfortable with short-term rental in select metro areas, and the projected income is likely to be greater than a standard long-term tenant. The loan term was set at 36 months. The Borrower plans to eventually refinance into a permanent loan once a rental track record has been established for at least one or two years. This SFR bridge loan was funded in September 2021.