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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
11/18/2022
Property Type
Property City
Arvada
Property State
CO
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$411,000
Loan-to-Purchase Price
85%
Borrower's Contribution to Purchase
15%
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
13.25%
Origination Points
0%
Deal Summary
Bench Equity, a private lender for alternative loans, funded a $350,200 bridge loan in 1st lien position for the acquisition of a single-family residence in Arvada, CO. We funded 85% of the $411,000 purchase price, while the Borrower contributed 15% cash at closing. The Borrower was part of an experienced investor group that prioritizes No-Points loan options for the flexibility it offers fix and flippers who want to get in and out of deals quickly. We offered maximum leverage (85% of purchase price) and were able to get the deal funded in less than a week! 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 13.25%. The loan term was set at 6 months. This SFR bridge loan was funded in November 2022.
Funded By
Bench Equity LLC
Direct Private Money | Zero Points and High Leverage Bridge Loans for Residential Investment Properties