Loan Programs - More Details
When speed is required this is the program for you. The standard turnaround for a bridge loan is three weeks but closings have been done in one week or less. Bridge loans are interest only and offer terms from 6 months to 2 years. With these short terms you must have an exit strategy since this loan will have to be repaid within a maximum of two years.
A bridge loan program is also ideal for properties in transition that will offer some upside to a buyer within a short timeframe. An example would be an empty building. Conventional loan products will not work for this type of property so the bridge loan is your best option. Purchase with this product, renovate and lease up the property. Once cash flow is established you will refinance into a conventional program.
If you are a business owner and need to raise money fast for a short term this is also a product you should consider, but remember this is not long term debt. All types of real estate collateral can be considered for this loan including second mortgages.
Lastly you should understand that these programs will be more expensive than conventional products but offer the speed and flexibility that can often save a deal.
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Multi-Family - Mixed Use - Office - Retail
No Prepayment Penalty
Special Use - Stated
Special Use - Owner Occupied Only
SOLO I - 95% Financing
Hard Money - Construction Rehab
Owner Occupied Properties
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