Ephesians 2:4-5

2:4

But – contrast, what came before ended in God’s wrath toward us sinners. Now Paul will contrast that wrath with God’s love.

because of – as a result of, the reason for this change is to follow

his great love – Usually Bible describes God’s acts of love or (as here) His motive of love. But I John says He IS love. All three are true. This verse gives the reason/motive/driving force behind His actions.

for us – Here the “us” includes both groups described in verses 1 – 3

God, who – He is a Person, but more: He is the Almighty Person, the only Holy Person, the Always Present Person; unable to look on sin yet His love finds expression in this mercy…

is – present tense, ongoing characteristic

rich – abundant supply

in mercy – granting benefits and good that we do not deserve

2:5

made us – collectively, all who are in Christ

alive – gave us life. Physically, He gave everyone life. But this speaks of a different life, i.e., spiritual life, life in the Spirit, or as Jesus said, “Abundant life.” Have I become so accustomed to this “abundant life” that I no longer recognize its abundance?

with Christ – Why does he say “with” instead of “in”? Was I given this life at the same time when God raised Christ from the dead? As opposed to giving me life when I came into Christ? In either case, I/we cannot have this life apart from Christ. At the same time, I note that the pronouns are all plural. This is not an individualistic event. All who are in Christ, all collectively, have been made alive with Christ.

even when – in spite of the fact that, contrary to the condition of our natural state

we – all of us

were – past tense

dead – no spiritual life, insensate, unaware

in transgressions [NLT: because of our sins] – any crossing of the line. How many times have I crossed the line? Too many to count

it is by – agency, source of this change, means by which this change is effected

grace – cf. above; not just undeserved favor, but more: undeserved favor that produces a faithful, faith-filled, faith life, a changed life, saying No to ungodliness and Yes to godliness (Titus).

you have been – already accomplished

saved – delivered from bondage of sin; more than saved from hell, though that is also part of the benefit.