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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/06/2023
Property Type
Property City
Huntington Beach
Property State
CA
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,175,000
Loan-to-Purchase Price
70%
Borrower's Contribution to Purchase
30%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
3,795
Lot Square Footage
6,000
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
12.75%
Origination Points
0%
Deal Summary
Bench Equity, a private lender for alternative loans, funded a $1,522,000 hard money loan in 1st lien position for the acquisition of a single-family residence in Huntington Beach, CA. We funded 70% of the $2,175,000 purchase price, while the Borrower contributed 30% cash at closing. This new Bench Equity Borrower was referred to us by another investor. They plan to complete a light cosmetic rehab that includes new paint, hardware, and repair of an elevator located inside the home. The subject property was in good condition and vacant at closing. The building was approximately 3,795 square feet set in a 6,000-square-foot lot. The Borrower plans to sell the property upon completion of rehab. The interest rate was 12.75%. The loan term was set at 6 months. This hard money loan was funded in January 2023.
Funded By
Bench Equity LLC
Direct Private Money | Zero Points and High Leverage Bridge Loans for Residential Investment Properties