Bridge Loans
There are many situations where a buyer wants to purchase a new property but need the net funds from the sale of their current property in order to have the down payment and closing cost for the purchase of the new property.
A Bridge Loan from PrivateFunding.pro is a great way to close your deal. Bridge Loans uses the equity in the current property before it sells, so the buyer can have the necessary funds to close their purchase before selling the current property. Then when the current property sells, the Bridge Loan balance is either paid down or is paid off entirely .
Bridge Loan Highlights
> Loan Amount to $20 MM
> Single Family Residence, Multifamily, Commercial, Industrial, Special Use
> Maturity from 1 - 3 Years
> Interest Only Payments
> Up to 65% LTV/CLTV or less on the all collateralized properties
> New loan can take 1st or 2nd position on the property being sold. Must be 1st position on the purchase property.
> Turn-time can be as fast as 5-10 days
Flexible Guidelines
> No FICO Scores
> No Tax Returns
> No Seasoned Funds
> No Seasoned Title
> No Appraisals
> NO PROBLEM!