U.S. Fast Bridging Loans
A fast “Bridging” loan is a short-term loan that is typically based solely on the asset value and not the repayment ability of the borrower.
The most attractive aspect of a Bridge Loan is that it can be closed and funded very fast – normally in 2 weeks – perfect for clients with a short window to meet an investment opportunity they would normally miss with a traditional bank loan.
Some popular uses of “Bridging” Loans:
- Filling the contingency sale of an old property before you can purchase the new property. You can take a Fast Bridging Loan and use your old house as collateral for the loan. The proceeds can then be used to pay a down payment for the new house and cover the costs of the loan. In most cases, the lender will offer a bridge loan worth approximately 80% of both houses’ combined value.
- To purchase based on asset value of the new build so the borrower can meet the final payment before delivery.
- For the initial purchase until entitlement or for refinancing after a cash purchase until entitlement.
- To purchase greenfield land to begin commercial development. Once certain stages of development have been completed, it’s easier to obtain traditional bank financing.
- Cash-out Bridge Loan for short term personal or business use.
Schedule a call with our Fast Bridge Loan Specialist.