What are commercial bridge loans used for?
This type of hard money loan financing is also known as gap funding and can apply to either residential or commercial properties. Borrowers often use this type of loan to refinance and to get cash out of the property. The three main uses of a commercial bridge loan are outlined below.
Bridge the gap between purchase and stabilization with a fast and easy bridge loan. Our loans will help you upgrade the condition of your property and bring in new, rent-paying tenants. Let us bridge the gap between purchase and stabilization.
How does a bridge loan work?
Will a bridge loan help you close on your investment property? When evaluating the loan amount, bridge loan lenders consider LTV, CLTV, and ARV. Hard money bridge loans can be a great asset to help buy your next property or refinance your current ones. By leveraging the equity in your current property, you can use the money to rehab your property and apply for more traditional commercial financing. Use the cash out refinancing to your advantage.
What are residential bridge loans?
A real estate investor commonly pays cash for the residence then takes a 6- month bridge loan to cover the repairs, then exits the loan via conventional financing or sale of the property. These are also commonly referred to as fix and flip loans. Use the loan application to get approved for a scenario like this.
Getting started with a bridge loan.
Webster Capital can provide the capital necessary for your short-term liquidity needs in the form of a hard money bridge loan. The approval is based on the value of the asset so our loans are designed for quick approval and fast closing.
Using a local hard money lender that knows your market is the best option. We are the best private lender for your needs. Webster Capital has been providing alternative financing and hard money loans in Rochester, NY for over 25 years. Contact us today or apply online.