The main way that can help you secure a bridge loan is by leveraging single-family investment properties.Ī bridge loan “bridges” the gap when you need funds but they aren’t currently available. We at Sprint Funding can help you get the money you need with a bridge loan for your immediate expenses for your business or new homeownership while you wait for other financings to come through. Interest rates are generally higher usually ranging from 8-20% but can be much bigger depending on the type and terms. It takes a relatively shorter time to process compared to traditional loans and can be repaid at the end of the term or in a series of daily, weekly, or monthly payments. Sprint Funding has gathered everything you need to know about bridge loans, how they can help you find new properties, and where you can find a high-quality one for yourself.Ī bridge loan is generally offered by traditional banks, small banks, community banks and credit unions, alternative and non-traditional lenders. This kind of loan will often be used for real estate transactions and is also known as a “bridging loan” or “bridge financing”. While this may sound like a good opportunity to take, there are a few drawbacks that come along with its benefits.Ī bridge loan will have higher interest rates than other options and will usually need to be backed by collateral, which can take the form of a business or real estate. A bridge loan can be used in transactions to provide a flow of cash when you’re in a transitional period for example, when you move into a new house.Ī homeowner can use this as a short-term loan to give them quick cash to pay off debts or finance a new house. If you’re coming up on a time in your life where you’ll temporarily be without income, you may have heard of bridge loans. It is a temporary financing facility providing short-term funding while you are processing or waiting for a permanent loan or until a current debt obligation is removed. It can be used for bridging the gap between the shortage of funds and business expenses or used to purchase a new home while in the process of selling your current home. A bridge loan is a short-term loan (usually 1-12 months) with short-term plans that provides faster financing.
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