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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/11/2022
Property Type
Property City
Salt Lake City
Property State
UT
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$1,060,000
Loan-to-Purchase Price
59%
Borrower's Contribution to Purchase
41%
Source of Borrower's Contribution
Equity in Another Property
Location Type
Suburban
Property Condition
Good
Occupancy at Closing
Vacant
Building Square Footage
2,425
Lot Square Footage
5,662
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
12%
Origination Points
0%
Deal Summary
Bench Equity, a private lender for alternative loans, funded a $625,000 bridge loan in 1st lien position for the acquisition of a single-family residence in Salt Lake City, UT. The purchase price was $1,060,000. We funded 59% of the purchase while the Borrower contributed 41% using the equity in another property. This was a unique scenario where the repeat Bench Borrower, brought to us by a broker, refinanced an existing investment property he owned free-and-clear to provide funds for a new investment acquisition. Both loans were funded in 11 days and were recently extended for an additional 6 months. The subject property was in good condition and vacant at closing. It was approximately 2,425 square feet set in a 5,662 square foot lot. The Borrower plans to rehab the purchased property using his own funds and then sell upon completion. The interest rate was 12%, and we did not charge any points. The loan term was set at 6 months. This SFR bridge loan was funded in August 2022.
Funded By
Bench Equity LLC
Direct Private Money | Zero Points and High Leverage Bridge Loans for Residential Investment Properties