Bridge loans have the advantage that lenders care about the property's value, not you. The property, and not your credit history, is what will secure you the loan. It all comes down to the property's value.
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A bridge loan lasts approximately one to six months. However, you can extend it up to 2 years. These lenders are not like your typical banks. This type of loan allows you to get approved or denied in as little as two days.
Lenders may ask you why you are looking for a hard cash loan and not a traditional loan. You may be interested in hard money loans for many reasons. You will most likely respond that you need the money right away and not in three months. Or you might reply that you have some credit problems, such as recent bankruptcy filings or low occupancy levels.
Your hard money loan lenders will want to know the following: the type of collateral, location and approximate value, the amount owed, and, most importantly, exit strategy or how you will pay back the lender.
Many bridge loan companies want to work with your company and can get you 60-60% financing. If you have additional assets, you may be able to get 100% financing in some cases. 99.9% of cases are handled by private firms.
You won't get 100% of the property's value. To protect the lender against default, the low loan-to-value ratio is in place.
