Commercial Bridge Loans – a Powerful Tool in Order to Take Advantage of a Great Opportunity

There’s a great money making opportunity right there in front of you. You know you can turn a major profit on this one. Problem is you have to move fast to get in on it and you need a loan.

Your regular bank just isn’t equipped to handle this loan request, especially with all the tedious paperwork you’ll have to fill out and the months waiting to find out if you’ve been approved; which by that time will be too late.

Not to worry. Apply for a commercial bridge hard money loan from a private lending company.

A bridge loan, swing loan, or hard money loan, can provide you financing for up to 60 to 75% of the value of the property and you’ll typically get an answer in two days – not two months! A bridge loan is an asset-based loan based solely on the property you plan to purchase or refinance. Your personal credit history has very little to do with a bridge loan, it’s mostly based on the collateral value of the property.

A hard money loan is usually short term: one to six months, although loans can be made up to 36 months. Interest rates are usually 12% to 20% and there can be a fee for pre-payment. There are also points at the close of the deal that are added into the loan that range between 1 and 5%.

Always keep in mind hard money lenders are savvy professionals and want to deal with like-minded people who know exactly what they are doing. So, be prepared – there’s no such thing as “over” prepared when applying for a bridge loan.

Some items you should have available when applying for a hard money loan would include an executive summary that details your loan request, photos of the property, rent rolls, operating statements, purchase agreements, and most importantly, a clear exit strategy of how you plan to repay the hard money loan.

Hard money lenders will look over the information you provide and the more information that is known about your project the more likely you are to gain approval for a bridge loan.

So, do your research. Have all your information ready. If necessary, consult with an attorney or colleges who have obtained bridge loans. Preparation and presentation is the name of the game.

Are you looking for the best deals and rates on bridge loans? Visit http://directmoneylenders.com/ today for more information!