What are residential bridge loans?
These loans mortgage 1-4 units, encompassing everything from a home or a condo to a quadraplex. A real estate investor commonly pays cash for the residence then needs to rehab it to a rentable or sellable quality. In order to do this, the investor may take on a 6-month bridge loan that leverages the equity he already has in the fully-owned residence, to pay for improvements. Lastly, the borrower exits the bridge loan via conventional financing or sale of the property. Use the Residential Hard Money Lender Search Engine to find lenders that can provide financing for a scenario like this. Another standard scenario is when a homeowner takes out gap funding to pay for the expenses and down payment for buying a new home, perhaps in a job transfer. When the first home sells, the homeowner pays off the bridge loan. Use the Prime Lender Search Engine or Non-QM Lender Search Engines, to find the right lender, depending upon the borrower’s credit profile. Hard money bridge loans are also available for borrowers that need to obtain gap funding quickly. If your client is needs money for a construction project get a short-term construction loan by using the Construction Lender Search Engine and select the loan purpose of Rehab/Renovation/Remodel to find the right lender to match the scenario.
These loans mortgage 1-4 units, encompassing everything from a home or a condo to a quadraplex. A real estate investor commonly pays cash for the residence then needs to rehab it to a rentable or sellable quality. In order to do this, the investor may take on a 6-month bridge loan that leverages the equity he already has in the fully-owned residence, to pay for improvements. Lastly, the borrower exits the bridge loan via conventional financing or sale of the property. Use the Residential Hard Money Lender Search Engine to find lenders that can provide financing for a scenario like this. Another standard scenario is when a homeowner takes out gap funding to pay for the expenses and down payment for buying a new home, perhaps in a job transfer. When the first home sells, the homeowner pays off the bridge loan. Use the Prime Lender Search Engine or Non-QM Lender Search Engines, to find the right lender, depending upon the borrower’s credit profile. Hard money bridge loans are also available for borrowers that need to obtain gap funding quickly. If your client is needs money for a construction project get a short-term construction loan by using the Construction Lender Search Engine and select the loan purpose of Rehab/Renovation/Remodel to find the right lender to match the scenario.
