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.

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Standard Loan Terms

  • Max Loan Amount: $10,000,000
  • Max LTV (Loan to Value): 75%
  • Rate: 7.5%-8.99%
  • Term of loan: 12-24 months
  • Payments: Monthly Interest Payments with
    Balloon at Maturity
  • Prepayment penalty: None
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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)

 

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Property Types

  • Condominiums.
  • Single-family residences.
  • Two to four units.
  • Multifamily homes.
  • Townhouses.
  • Condo-Hotels.
  • Other property types case by case
time

Standard Requirements:

  • Credit Application
  • Last 2 bank statements (US bank account)
  • Copy of ID and Borrowing Entity docs
  • Purchase Contract (If Purchase)
  • Property Insurance
requirements

Standard Closing Time

  • The Usual Time to Close is 5-10 days.

RBI Mortgages is a direct lender and does not rely on other institutions to
close the loans. Once the title work and appraisal are ready, We will be too!

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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.

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