Texas Bridge Loans
A bridge loan is an immediate, short-term loan, one to sixty months, usually made in anticipation of intermediate or long-term financing. Pay back the bridge when permanent financing is in place with no prepayment penalties.
Bridge loans bridges two different types of cash gaps. The first bridge is a loan that institutional banks refuse to approve. The second bridge is for the individual investor or company who is between deals and requires immediate, short-term funding until a traditional loan is issued.
BRIDGE LOAN LENDERS
Loan Amounts: $250,000 to $35,000,000 in all 50 states and some foreign countries. Credit Ratings: Will consider any credit rating: A+ to D, including bankruptcy. Amount of Loan: Up to 65% of property value. Minimum Down Payment: As little as 5% or 10% if seller carries a second mortgage. Terms: 400 plus basis points over corresponding U.S. Treasury index. This is subject to credit rating, location, type and condition of property. Loan Quote: 2 business days or less. Speed of Loan: Loans are issued as quickly as 7 days