Private Money Loan for SFR in Dallas, Texas

Bench Equity, a private money lender for alternative loans, funded a $760,000 private money loan in 1st lien position for the acquisition of a single-family residence in Dallas, TX. The purchase price was $951,000. We funded 80% of the purchase and the Borrower contributed 20% cash at closing. The Borrower originally shopped around for other lenders believing she had maxed out her available balance with Bench Equity, but when the other lender changed her terms the day before she was supposed to fund we were able to get the deal done on time and at a better rate. Our hustle and drive to provide excellent service helped her acquire her largest property, which sold 5 months later for a healthy profit after completing a major renovation to modernize the property. The subject property was approximately 3,163 square feet. It was in good condition and vacant at closing. The Borrower plans to sell the property as an exit strategy. The interest rate was 11%. The loan term was set at 6 months. This SFR private money loan was funded in April 2022.