At Quick Bridge Funding, we fully understand that investors need a lender who can move quickly to fund their commercial project. We pride ourselves on being fast and responsive. There are a few steps to getting your commercial bridge funding. The first step is simply to give (1-866-827-8938) us a call to review your project including your timing challenges, down payment, and any credit issues we need to overcome. Depending on the complexity of your project, an executive summary may be very helpful in getting your loan approved. We work quickly to get your commercial real estate project up and running.
The next step for us is to complete an application. It shouldn’t take you very long to complete the application. Without an application, we may miss something that could come back to hurt us so we ask you to fill it out completely to avoid these surprises so getting your application back to us quickly will help us move quickly. Along with the application we will need your authorization to pull your credit, even though your personal credit is not usually a hindrance to getting a loan.
The next step once we determine the viability of your project is to secure an appraisal. We can sometimes use an existing appraisal if it’s recent and particularly if it was ordered by a third party. This can really move your loan along quickly.
So let’s talk a bit about the kind of projects we can help you with. This list is not intended to be all-inclusive. So if your project doesn’t look like it fits this list just give us a call. We are available 7 days a week at 1-866-827-8938. We do however prefer loans at $400,000 and up. I’ve divided the list into two parts, type of commercial properties and then loan scenarios. Neither list is in any particular order.
Type Properties used as security:
Mobile Home Parks
Assisted Living Facilities
Residential Homes as Investments – Jumbo primarily
Owner Occupied Commercial Buildings
Less than great credit
Fast closing loans
Loans to convert a building to Assisted Living
Loans to avoid a foreclosure
Partner buyout loans
New Construction Loans
Low occupancy multi-family and motel loans
Loans with no down payment seasoning
Loans where the borrower has a past bankruptcy
Loans where the borrower has a past foreclosure
No tax return commercial loans
And many others
A little about our quick bridge funding programs
These loans are mostly hard money with interest rates in the double digits although we have some programs as low as 8%. LTVs typically 65% although this can increase, particularly for commercial rehab loans. Most are 1 to 3 years and don’t have a pre-payment penalty but will require at least 6 months of interest to work. Points vary from 3% to 6% typically and can be built into the loan. Up front money is only to pay for third party work such as an appraisal, environmental when needed and attorney/title work. Lastly, we can help you with a much lower cost SBA loan but these are obviously not fast closing, although we work with a top 10 SBA lender who can close in under half most SBA lender’s time frame because of their intimate relationship with the SBA. Basically a rubber stamp SBA approval of their loans.