andDo you need capital quickly to purchase, refinance or for construction? Or to bring a delinquent loan current?
If so, then a bridge loan may be the solution.
Bridge loans have become very popular with investors, developers and business owners who need financing quickly but are not able to qualify for or wait for a big bank to fund their loan request.
Most bridge loans are used to purchase or refinance a property, to get cash out which can be used for property repairs, property improvements or to bring delinquent loans current. Often, cash out is used for other reasons.
Bridge loans are also used for property stabilization, allowing property owners enough time to complete repairs, renovate or repurpose a building, then secure enough tenants to get to the market occupancy and rates that will improve cash flow.
Once a property is operating in a stable manner, it is much easier to sell or hold by obtaining good terms on long term financing.
Our bridge loans are much easier to qualify for than those from other lenders. We accept lower credit scores (under 500 in some cases) and less documentation. The income and assets stated by the applicant on the loan application are not verified.
Using a streamlined process, we can issue you a letter of intent in just a few business days and generally close your bridge loan request in 10-14 days from application.
The terms will vary based on the combination of equity (loan-to-value), credit history, property type and property condition.
These loans are for properties used for a business purpose (rental, development, construction or other business use).
Remember, bridge loans are designed to help you get what you need quickly and give you enough time to prepare to sell your property or qualify for good long-term financing and hold it.
So, what are you waiting for? Are you ready to see how one of our bridge loans can help you?