Bridge Loans
Short-term (usually one to five years) loan advanced to cover the period between the termination of one loan and the start of another. It is arranged generally to complete a purchase (such as a new property) before the borrower receives payment from a sale (of the old house), or before a long-term loan is made available upon fulfillment of its requirements (such as commissioning of a facility or a plant). Also called bridge finance, bridging loan, or gap financing.
Bridge Loan Lending Guidelines:
Property Types: All property types considered, except owner-occupied residential
Lending Area: Nationwide
Loan Size: From $2,000,000 through $100,000,000.
Loan Term: 12 to 60 months
Amortization: Interest only usually
Interest Rate: From 7.99%
Loan-To-Value: Up to 75%
Prepayment Penalty: On a case by case basis
Recourse: Typically, there will be recourse to Sponsors
Expense Deposit: Adequate to cover 3rd party reports, legal fees, & customary expenses
We will review all loan submissions within 24 hours of receipt. For fastest processing and an immediate response please send an executive summary and PFS to info@1uplending.com For certain transactions, additional information may be required.