Utah Bridge Lenders for Residential Properties
Are you seeking a bridge loan secured by residential property in Utah? On this page you'll find a list of select bridge lenders for Utah investment properties with 1 to 4 units. To get a 1st lien bridge loan, you must have at least 30% equity. Due to state laws and regulations, it's not possible to get a bridge loan for a homestead (owner-occupied primary residence) or 2nd home. Change the loan type to 'Residential Owner-Occupied' to find some alternative lending options.Searching...
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Utah Bridge Loan Interest Rates
According to the loan documents software company, Lightning Docs, the average interest rate for Utah bridge loans in the 1st quarter of 2024 was 11.02%. The average loan amount was $682,428. These stats are the average of 7 short-term loans (including rehab and ground-up construction loans) funded for properties in Utah between January 1, 2024 and March 31, 2024 by multiple bridge lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for bridge loans secured by residential investment properties in Utah in the 1st quarter of 2024 was 10.90%. Lenders charged an average of 3.0% points (origination fee). The average LTV (loan-to-value) for bridge loans in Utah was 63%, and the average loan amount was $447,470. These stats are the average of all the loans which were funded between January 1, 2024 and March 31, 2024 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Top 10 Utah Bridge Loan Lenders
According to Forecasaâ„¢, here are the Top 10 Bridge Lenders ranked by the number of bridge loans originated in Utah in the last 12 months from March 2024.
- Indicate Capital Fund
- Jedi Capital LLC
- Copa Lending LLC
- Boomerang Capital Partners
- ABC Lending LLC
- Champions Funding LLC
- Construction Finance CO LLC
- Lima One Capital LLC
- Actium High Yield Loan Fund
- BSP HOLDINGS LLC
Forecasaâ„¢ provides analytics data for Utah bridge loans on a quarterly basis. You’ll find their top lenders data for many other states on our platform.
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.