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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/09/2022
Property Type
Property City
Springville
Property State
UT
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$370,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
12.5%
Origination Points
0%
Deal Summary
Bench Equity, a direct lender for alternative loans, funded a $296,000 hard money loan in 1st lien position for the acquisition of a single-family residence in Springville, UT. We funded 80% of the $370,000 purchase price and the Borrower contributed 20% cash at closing. The first-time Bench Equity Borrower requested 80% of the purchase price with plans to self-fund the rehab. The loan moved from application to funded in 3 days thanks to our no bank statement, no appraisal, and no points loan program! 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 12.5%. The loan term was set at 6 months. This SFR hard money loan was funded in December 2022.
Funded By
Bench Equity LLC
Direct Private Money | Zero Points and High Leverage Bridge Loans for Residential Investment Properties
Dealmakers
Pierce Harmon
Market Manager - TX, CO, and UT