What is Bridge Funding?
A bridge loan is a type of private money loan used for short term financing.
Bridge Funding is a type of interim financing for an individual or business until permanent financing is obtained.
Bridge Loans are usually a bit more expensive than conventional financing to compensate for the additional risk.
Bridge financing typically has a term from 12 months to 5 years.
All credit types are considered.
Bad credit ok as long as there is equity in the collateral being pledged.
- Fast turnaround and commitment
- Close in five days
- Lend for acquisition, refinance and note purchases
Developer seeks $4MM bridge loan as a first mortgage to facilitate the acquisition of a prime development site in Chicago. Developer intends to build luxury condos. The bridge loan will be repaid once permanent construction loan comes from his bank.
Result: Approved for $4MM bridge loan. Funded in fourteen days.