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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
01/30/2023
Property Type
Property City
Orange
Property State
CA
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$750,000
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
Building Square Footage
1,800
Lot Square Footage
7,186
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Interest Rate
13%
Origination Points
0%
Deal Summary
Bench Equity, a direct lender for alternative loans, funded a $637,500 hard money loan in 1st lien position for the acquisition of a single-family residence in Orange, CA. The purchase price was $750,000. We funded 85% of the purchase while the Borrower contributed 15% cash at closing. The repeat Bench Equity Borrower took advantage of our maximum LTP purchase loan (85% LTP with no points) to close on their latest fix and flip project. They plan to self-fund the rehab costs. We only provided the purchase money. The Borrower’s strong payment history and repeat loans allowed us to process and fund quickly and easily! The subject property was in good condition and was approximately 1,800 square feet set in a 7,186-square-foot lot. The Borrower plans to sell the property upon completion of the rehab. The interest rate was 13% and zero points. The loan term was set at 6 months. This private 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