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Utah Bridge Lenders for Residential Real Estate
A list of lenders offering bridge loans for a Utah residential property purchase. Most private mortgage lenders only offer loans for investment or business purpose. Some will consider a primary residence bridge in which a homeowner uses equity in one home to buy another. Change the loan type to "Residential Owner-Occupied" for more options.
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Funded Residential Bridge Loans in Utah
Bench Equity, a private lender for alternative loans, funded a $625,000 bridge loan in 1st lien position for the acquisition of a single-family residence in Salt Lake City, UT. The purchase price was $1,060,000. We funded 59% of the purchase while the Borrower contributed 41% using the equity in another property. This was a unique scenario where the repeat Bench Borrower, brought to us by a broker, refinanced an existing investment property he owned free-and-clear to provide funds for a new investment acquisition. Both loans were funded in 11 days and were recently extended for an additional 6 months. The subject property was in good condition and vacant at closing. It was approximately 2,425 square feet set in a 5,662 square foot lot. The Borrower plans to rehab the purchased property using his own funds and then sell upon completion. The interest rate was 12%, and we did not charge any points. The loan term was set at 6 months. This SFR bridge loan was funded in August 2022.