Private lenders are pools of capital that loan money without being a bank or credit union. A private lender could be an individualor it could be an entire company, fund, or Real Estate Investment Trust.
Why is it called a “Bridge Loan?”
Bridge loans are short-term, usually 12-24 months. Bridge loans are designed to “bridge the gap” to exit from our loan by either a refinance of the property, stabilization, sale or some other short-term exit strategy.
Why do real estate investors use bridge loans?
Speed, flexibility, ease, and expertise.
How long does it take to close?
Typically 2-3 weeks, depending on the complexity of the loan, the type of asset being collateralized, and the completeness of the loan file at submission. Residential asset loans can close quicker. A good guideline is 7-10 business days from the receipt of appraisal. We have closed loans in as little as 3 days from the receipt of a full loan file.
What kind of credit score do I need?
We review all borrower’s on a case-by-case basis.
What if I can’t verify income?
Although we evaluate our borrower’s financial information and borrowing history, a large portion of our decision making resides in the type and value of the property.
What types of properties do you loan on?
All kinds of business purpose properties; 1-4 unit residential, commercial, industrial, office, hospitality, etc. There’s really nothing we won’t consider.
Can this be my primary residence?
No. We do not offer loans on owner-occupied properties. All of our loans are strictly “Business Purpose”.
What if this is my first “Fix & Flip?”
We all have to start somewhere. Our loan professionals will help you understand the process and what is expected. We will do everything we can to try to make your first project a success. After all… we want you to come back to us over and over for all your future Real Estate financing needs.
What is a “Loan Concierge?”
Once you have made the decision to move ahead with us for your Real Estate financing, you will be appointed a personal Loan Concierge that will walk you through every step of the loan process right up to closing.
Where do you loan?
We lend Nationwide with the exception of a handful of states.
Can I get pre-approved?
We are always willing to discuss a potential loan scenario with you but in order to receive an interest from us we would need to know the property, loan amount and loan scenario details.