Commercial Bridge Loans Miami . Fort Lauderdale . Hollywood
When the real estate market is warm, you have to strike fast, or you will get left in the cold. Lining up long-term credit or mortgage can take weeks or even longer, and by that time, this type of loan is suitable for you. Known as the “Venice of America” due to its big canal system, Fort Lauderdale has been a famous holiday place, and is particularly famed for its boats and beaches. The coastal city’s sun kissed sands, hot weather and pounding nightlife used to just attract students on spring break, but visitors and families now come to enjoy its many visitor attractions, too. Do you want to start a business in Fort Lauderdale? If yes, you are at the right place to get the commercial bridge loan in Fort Lauderdale.
Miami is known for having pristine beaches, delicious cuisine and warm climate including its Latin-American influences. Popular attractions include Miami Beach, South Beach, Little Havana, the Bayside Marketplace, Ocean Drive including Deering Estate. According to a recent study, Miami is now the second most expensive residential real estate market in the country. While new residents from metro areas around the country are flocking to Miami at high rates, the commercial real estate market is soaring as well. As an investor in the commercial sphere, you cannot afford to miss out in the action. You have come to the correct place if you are in search of a Direct Private Money Lender that provides commercial bridge loans at competitive rates in Miami, Fort Lauderdale, and Hollywood.
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PRIVATE MONEY LENDING RATES STARTING AT 7.49% APPLY NOWCONTACT USWhat is a commercial bridge loan?
Commercial bridge loans (also called as commercial mortgage bridge loans) are short-term real estate commercial loans that are used for the purchase of commercial properties when long-term financing is not an option. Their initial use is when a property needs faster-than-conventional funding turnaround, renovation, tenant-improvements and/or seasoning time. important renovation before, it will qualify for long-term financing. Anyway, there are other reasons a borrower might want to consider a bridge credit:
- The borrower’s credit profile needs advancement improvement. We take loans as low as 650
- The property has bad occupancy rates
- Incomplete ownership/project team in place
- The borrowers cannot wait for slow long-term financing
- Leverage: we can go up to 75% of value on certain projects
Bridge loans generally have interest-only repayment terms of between six months and three years, after which the property is either sold or refinanced with long-term financing. Commercial bridge loans credits can be used for the refinance or purchase of office buildings, retail property, hotels, multifamily housing including apartment complexes, or even for raw land that will be developed for commercial objectives.
Payment of bridge loans
Bridge loans are generally paid back within twelve 12-36 months. Most people pay off their credits with money from the sale of property they bought, but there are other choices accessible. Loans are structured differently based on many factors but most of them have a balloon payment at the end of the term. At the end, the complete amount of the outstanding credit is due. If the credit is defaulted, then the lender will take the collateral given, which in most cases is the property that was purchased by the
borrower. Real estate backed loans credits like this are low risk for the lender because they will obtain something in return for their cash if the borrower defaults, real estate.
Is a Sunset Equity Funding commercial bridge loan right for your business?
First, think about why you need funds. If you want a long-term solution for cash flow problems, a commercial bridge loan is not a best fit. Anyway, if you need funds for one of these reasons: keep in mind speaking with a lender.
Renovate your property
If you want to better your business to draw in new customers, a bridge loan can help you get the ball rolling on renovations sooner rather than later.
