Bridge Loans are offered when you need money fast and cannot either qualify of wait for a conventional loan. The LTV is more conservative than a conventional loan 65% to 70% LTV and the rates can start at 11% to 15% plus 4 to 6 points and yes the deal must make sense.
Most importantly there must be a take out strategy in place within a reasonable period of time.
These loans are for a savvy investor to move quickly to close on a purchase opportunity, or renovate a property to improve the value and income.
Most importantly there must be a take out strategy in place within a reasonable period of time.
These loans are for a savvy investor to move quickly to close on a purchase opportunity, or renovate a property to improve the value and income.