A bridge loan or “hard money” loan is a short term loan collateralized by commercial real estate which is used to get control of a property or when a property is in transition. We have the lender relationships and a creative and experienced team for complex deal structuring to help you execute your business plans.
Ideal Candidate: Any borrower looking for short term financing on a commercial property.
What we offer:
- Fast closings, typically 2-3 weeks.
- Term: 6 months to 3 years.
- Loan amounts: $1,000,000 to $25,000,000.
- Rate: 8% to 12% interest only.
- LTV: Up to 75%.
A highly experienced developer in Long Island wanted to acquire a waterfront commercial office building. Despite his near-perfect credit, several banks had declined him for a conventional loan. By leveraging the developer’s other assets and his excellent track record, financing was provided for his acquisition. The lender saw great value in the property and was comfortable with other collateral the developer had offered. This loan was approved in 5 days.
|Amount of loan:||$10,250,000|
|Total time to close:||5 Days|