3 Reasons Why You May Need a Bridge Loan
The US economy is one of the largest economies in the world. One of the reasons why it has reached such massive heights is the ease with which financing is available. Commercial banks up till June 2021 granted loans that reached a value of 15.5 trillion dollars. However, banks are not enough to finance businesses in the US, and the gap is filled by private hard money lenders who provide specialized loans. One kind of specialized loan is a bridge loan that uses your assets as collateral for the loan. Here are three reasons why you may need it.
A Bridge to Shift to Another Property
Bridge loans can be useful for you if you want to buy a property before selling your existing one. The competitiveness of the real estate industry calls for such measures as every opportunity to buy a property needs to be grabbed to beat competitors. Bridge loans can act as a bridge until your current property is sold off after which you can repay the loan.
Facilitates Auction Buying
Auctions can be a way for you to buy hidden gems that are often missed out in general transactions. However, you can only buy in an auction if you have the cash in hand. Usually, a down payment is required right after the auction, and the remaining payment needs to be done in a short time frame, depending upon the amount. Bridge loans can be a way for you to acquire financing to complete any auction deal.
Assistance in Obtaining Short-Term Financing
There are instances when there’s a great deal on a property, and you may not have the finances to buy it. In these circumstances, you’ll want to exchange your existing properties for the deal. Bridge loans are a way to use your properties for financing. Unlike bank applications that require you to show your income, credit scores, and other details, bridge loans are a way of obtaining quick financing as the only requirement you need to fulfill is to have valuable property.
Acquire Bridge Loans Now!
If you’re looking to get bridge loans, Commercial Private Equity is the company to visit. We have been working as a private hard money lender in this industry for over 75 years. We provide efficient bridge loan deals for you to acquire any property you like with ease.
We also offer other specialized loans, including construction hard money loans, commercial hard money loans, raw land loans, workout loans. We also have a loan program with three levels that provide you with different interest rates and terms.
Contact us now for more information.