Private Money Bridge Loans
How to get bridge loan.
Commercial mortgages are available through banks, commercial mortgage companies, insurance companies and private lenders. Commercial mortgage rates in California vary as widely as residential mortgage rates, based upon property types and credit history of the borrower. While the most attractive financing can be found with these types of lenders, in a recent months they usually have very restrictive lending criteria. Banks may not want to lend money to everybody. The credit history or income background will make it difficult to obtain financing from traditional banks.
The Bridge Loans in California are available in our Company through private lenders who have more flexible lending criteria. Also known as hard money lender, as a bridge company we focus more the current value of real estate than on your personal financials, as the property may cover the debt service on its own.
We only use a common sense approach to the Bridge Loan request, focusing on the property value, cash flow for commercial or income property and how the loan will be paid back.
When applying for a Bridge Loan in California, try to be as complete as possible in the preparation of a loan package, whether you are trying to obtain financing from a bank or a private money lender. When seeking a bridge loan , provide an exit strategy for the loan; will you refinance to a permanent loan, sell or transfer the property or some other scenario?
When you are pursuing a Bridge Loan , you should be prepared to show what liquid assets will be available for the transaction. Providing documentation that you are prepared to cover the closing costs and fund the difference between Bridge Loan and the total cost of the property will make your mortgage loan application move through the steps to funding much easier and faster.
