Fairview is recognized as the leader in Bridge Loans . There are many misnomers about bridge loans both from borrowers and mortgage professionals. Below are frequent questions I have received about bridge loans:
- What is a bridge loan?
- When is a bridge loan used?
- Why would someone need a bridge loan?
- What should I know about bridge lenders?
- What is needed to get a bridge loan?
- Who are the Bridge Lenders?
- Are there local bridge lenders?
- How can I trust a bridge lender?
- What should I expect from a bridge lender?
The questions above along with many other questions about bridge loans are answered in a recent article that was written by Glen Weinberg (the COO of Fairview Lending) for the Colorado Real Estate Journal. Glen is widely known throughout the country as an expert on bridge loans and non-conventional financing including private lending and hard money lending. Below is an excerpt of the article on Bridge Lending along with a link to the full article. Bridge Lenders: what borrowers/brokers need to know.
As banks continue the strict underwriting guidelines put in place during the recession, many loans are falling out of these guidelines. If one has a non-bankable loan as a result of either the property or the borrower there are options available. One option available is a product called a bridge loan. The premise of a “bridge loan” is to bridge the financing gap for a borrower. These are typically short term loans anywhere from 6 months to 3 years. The idea behind a bridge loan is to provide financing for a borrower to allow time to get into a more conventional product or in some cases buy the borrower time to sell the property. Bridge loans have increased in popularity as the downturn in the economy has created many more unique situations for borrowers including credit issues, tenant issues, etc… Click to continue reading the full article on Bridge loans: Bridge Lender Colorado Real Estate Journal
There are many circumstances when a bridge loan is appropriate. The top six reasons are:
- Property/ borrower not plain vanilla
- Credit issues limit conventional financing options
- Timing: Borrower needs to close the transaction in days not months
- Asset is under performing
- Ability to buy loan back at a discount from present lender
- Cheaper than borrowing money other methods
Read the full article on how a bridge loan might be appropriate in the circumstances above: Bridge Lender Colorado Real Estate Journal
Below is a list of other resources on Bridge Lending and Bridge loans:
- One page Bridge loan application: https://www.fairviewlending.com/hard-money-loan-programs/hard-money-loan-application/
- Bridge Lending is also referred to as hard money lending, see the free guide to bridge lending / hard money lending: https://www.fairviewlending.com/blog/hard-money-lenders-a-free-guide-to-hard-money-lending/
- Learn more about Fairview, a direct bridge lender: https://www.fairviewlending.com/about-us/
- Learn more about Bridge loans in Denver and throughout Colorado: https://www.fairviewlending.com/colorado-hard-money-loans/
- Learn more about Bridge loans in Atlanta, Georgia: https://www.fairviewlending.com/georgia-hard-money-loans/
- Learn more about bridge loans in Chicago: https://www.fairviewlending.com/illinois-hard-money-loans/