Bridge loans are short term loans funded by private lenders and are mainly asset based. Private lenders focus mainly on the equity in the subject property and generally do not do a full analysis of the borrower’s financial documents the way lenders do with conventional loans. These loans are meant for real estate investors seeking fast closing and limited documentation.
Important Benefits and Features:
- Fast closings
- Term lengths of 6 to 36 months
- Up to $10 million loan amounts
- Interest only payments
- Can use multiple properties as collateral for a single loan
- 1st position and 2nd position loans offered
- Extremely lenient credit and income requirements
- All property types can be considered including commercial
