Commercial Bridge Loans: What are they? Should you get one?
Options, options, and more options – you have OPTIONS and you may not even be aware.
In today’s market, Bridge funding has become the fastest way to obtain quick financing. Unlike conventional lending, bridge funding does not lean heavily on credit scores and financial documentation, but rather the strength of the property and market value. Interest rates are often higher, a bridge lender can close a loan under two weeks, sometimes 3-4 days! Investors use bridge funding to acquire the property fast, then refinance later with a conventional mortgage. These types of loans work best for the investor with cash, but can’t show much income.
Especially when it comes to securing the financing needed to secure a commercial real estate property. When it comes to financing, it can be quite difficult to find an institution willing to lend you the funds but on top of that, the process can be time-consuming, require a great deal of work, and unneeded stress. Only to find out that the financing just didn’t go through for a number of different reasons.
But have no fear, you have options – in particular, Commercial Bridge Loans. Read More