Bridge Loans
Bridge loans are short-term loans, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing.
Standard Loan Terms
- Max Loan Amount: $3,000,000
- Max LTV (Loan to Value): 70%
- Rate: Starting at 9.5%
- Term of loan: 12-24 months
- Payments: Monthly Interest Payments with
Balloon at Maturity - Prepayment penalty: None
Standard Closing Costs
- Origination Fee: 1-2%
- Underwriting Fee: $1,500
- Legal: $750 – $1,500
- Appraisal Fee: $500-$950
- Title Insurance and recording fees: 1%
(Approximate)
Property Types
- Condominiums.
- Single-family residences.
- Two to four units.
- Multifamily homes.
- Townhouses.
- Condo-Hotels.
- Other property types case by case
Standard Requirements:
- Credit Application
- Last 2 bank statements (US bank account)
- Copy of ID and Borrowing Entity docs
- Purchase Contract (If Purchase)
- Property Insurance
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FAQ
What is the interest rate and loan term?
Usually, loan rates are 9% and 1.75% points. Loan terms are 12-36 months
What is the loan type?
Most our loans are interest only, which means a fixed interest is paid throughout the term and full balance at maturity. For example, a $100,000 with 12 months term and 9% rate will yield 12 monthly payments of $750 and a final payment of $100,000
What happens if I sell the property or prepay the loan before maturity?
In most of our loans there is no prepayment penalty.
