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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
12/13/2022
Property Type
Property City
Phoenix
Property State
AZ
Loan Term (months)
11
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$390,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Location Type
Suburban
Property Condition
Excellent
Occupancy at Closing
Vacant
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
11%
Origination Points
0%
Deal Summary
Bench Equity, a private lender for alternative loans, funded a $312,000 bridge loan in 1st lien position for the acquisition of a single-family residence in Phoenix, AZ. We funded 80% of the $390,000 purchase price, while the Borrower contributed 20% cash at closing. The husband and wife Borrowers wanted to add to their rental portfolio but needed quick financing in order to be able to close on this beautiful Phoenix home. Our no-points loan meant that they could enter their hard money deal with the comfort of knowing they could refinance at any time without having been forced to pay a large chunk of their annual interest upfront. The Borrowers now own another great rental property and plan to refinance to a long-term product! They had good credit. The subject property was in excellent condition and vacant at closing. The interest rate was 11%. The loan term was set at 11 months. This SFR bridge 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