In the world of real estate, a bridge loan is a type of loan that “bridges” the gap between short-term cash needs and permanent financing. These types of loans are a great asset for real estate investors who need access to fast capital while they wait for a more permanent funding solution. After being issued, bridge loans are typically paid back within 12 months or less. Also known as “gap” or “swing” funding, they may be applied to either non-owner-occupied residential or commercial projects. Since bridge loans can usually be funded in two weeks or less, real estate investors have increasingly turned to them over the years.
The Benefits of a Bridge Loan for You
In a highly competitive real estate market, a well-timed bridge loan can prove pivotal to builders and developers. When borrowers have limited time in which to seize upon a new investment opportunity, a bridge loan opens up doors that would have otherwise been closed. With a bridge loan from a reputable hard money lender such as Sunrays Finance, real estate deals can be funded with certainty.
We’ve seen bridge loans used by builders and real estate developers in different circumstances, including:
- To quickly close on a property with permanent funding that will not be available before the settlement date.
- Refinance an expiring loan to qualify said property for a permanent loan with terms more favorable to the borrower.
- To purchase another investment property before selling an existing one.
- Refinance a property while leasing up.
- To make repairs on a property so it will qualify for a permanent loan.
- Cash-out to finish a construction project that has exhausted its financing.
What Distinguishes Us as Bridge Loan Lenders
Whether you’re a builder, developer, or real estate owner, you want to work with a lender who can act quickly, close quickly, and issue funds backed by their own capital. A hard money lender like Sunrays Finance can make the entire loan process more straightforward for you.
In our line of business, it’s all too common for lenders to advertise interest rates that they don’t actually offer in lending situations. As a reputable organization, we pride ourselves on our upfront honesty and high degree of transparency. Before all parties move forward, we always issue a clear and concise outline with all the terms of the bridge loan laid out.
Being intimately familiar with the Bucks County, Pennsylvania area, we have the local touch and regional expertise that other lenders lack. With our understanding of the market, we move faster, nurture stronger relationships, and save you time and money in the end.
Unlike other lenders, we never charge an upfront fee before we approve a bridge loan. Apart from an appraisal, which is customary for borrowers to pay, we do not ask for any money upfront.
Get a Bridge Loan from Sunrays Finance
Call us today at 72000 05309 to discuss a bridge loan that’s right for you. Our team will speak with you to learn more about your current project and your plans for the future.
At Sunrays Finance, we make bridge loans easy for local real estate investors and developers with our quick closings, flexible underwriting, and the utmost professionalism.