Bridge loans offer short term financing to “bridge” the gap between the need for immediate cash and future financing at a lower rate. In addition, they can also be used to take advantage of an opportunity for a borrower. Bridge loans are typically backed by hard money using the real estate owned by the borrower. Some reasons you might consider a Bridge Loan include:
- Flipping a wholesale property (common when working with short sales)
- Have other financing lined up but they cannot get you closed in time (you can use this loan to buy you the time you need)
- If you need to make a quick repair to qualify for a permanent loan
- Transactional funding.
The loan structure highlights:
- 1 to 45-day term with the option to extend
- 2 to 10 points in origination
- We loan up to 70% of the after repaired value
- We loan 70% of current value if no repairs will be made
- In-house underwriting and servicing so you get our personal touch and we can close your deal fast
- Points and fees can be financed
- Never make a payment
- Each loan is underwritten for its specific needs
What if I need more than 45 days?
If you need more than 45 days there is a built in extension. Fees for extending will be determined at that time.
Interested in the Bridge Loan? Apply Now!