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Monday, February 24, 2014

1-Point Commercial Bridge Loans

First, what is a bridge loan? To put it simply, it is a fast, short-term, somewhat expensive commercial loan used to cover short-term cash flow needs.  Most commercial bridge lenders will be very interested to hear the borrower's exit strategy. 

Now for some facts and FAQ:

Interest Rate:  14.9%
Loan Fee:  1 point + $950 (nothing up-front)
Term:  Six months
Prepayment Penalty:  None
Maximum Loan-to-Value Ratio:  65% (70% on purchases)
Properties:  Multifamily (5+ units), Commercial, and Industrial

Here are some Frequently Asked Questions:

Q:  Can I use this program to fix and flip houses?
A:  Sorry, but no.  Home loans pay off too quickly to allow us to make any dough.
Q:  Will you lend to foreign nationals?
A:  Yes
Q:  Why is the interest rate so high?
A:  This bridge loan program is designed for borrowers who will only keep our loan for a few weeks or a few months.
Q:  Can I get a 6-month or a one-year extension for a point or two?
A:  It's usually not necessary to pay any extra points.  If the loan goes past maturity, the interest rate simply goes up some.  This way, if your borrower ends up keeping our commercial bridge loan for seven months, he doesn't have to pay some huge extension fee for that one extra month.  We pass the entire interest rate increase on to our private investors, so usually they are quite content to keep receiving payments.
Q:  What types of commercial properties will you finance?
A:   Apartments, office buildings, retail buildings, strip centers, shopping centers, warehouses, industrial buildings, self storage facilities, hotels, motels, office condo's, commercial condo's, industrial condo's, marinas, health care properties, and gentlemen's clubs.
Q:  Will you make your commercial bridge loan as a second mortgage?
A:  We would be willing to consider a commercial second mortgage, but usually the underlying bank would prohibit our second mortgage.  That being said, it wouldn't hurt to ask the underlying commercial bank if it would allow us to make a new commercial second mortgage.

Got a transaction that needs a bridge loan, or some other type of financing? Then visit us right now 

                                              http://budurl.com/fastloans

        We will then contact you by phone and by e-mail to complete your funding quickly.




3 comments:

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