A bridge loan is an interim loan that is typically used to purchase or refinance a property. The terms of a bridge loan are usually less favorable than those offered by a traditional conventional loan, but the interest rates are still lower than those charged by hard money lenders. One advantage of a bridge loan is that it can provide a low documentation and a quick close transaction. The process for obtaining a bridge loan is typically much faster than the process for obtaining a conventional or SBA loan, and there is no need to provide detailed financial information to get approved.
Bridge Loans Include:
- Nationwide Loans
- Hotel Loans 70% LTV/LTC
- Loan Terms From 12 to 36 Months
- Loan Amounts $500,000 to $50,000,000
- Up to 65% LTV as-is or 65% LTC (Exceptions up to 75%)