If you’re in need of money, you may be considering a bridge loan. Bridge loans are most commonly used when investing in real estate, but they also serve an important purpose for borrowers in certain positions. To learn more about bridge loans and to determine if they are right for you, continue reading this blog post.
Bridge loans are called bridge loans because they serve to “bridge” the gap between selling and buying a new property. Most of the time, individuals who take out bridge loans are using the money to pay for a new property while moving through the process of selling their current property. Whether you’re moving homes or you’re flipping houses, a bridge loan can benefit you.
Unlike traditional loans, bridge loans are valued based on an individual’s property. Instead of looking at your credit history, a bridge loan lender will evaluate the property you own. The value of your property will determine the amount of money you receive from a bridge loan lender. Most of the time, bridge loans are short term loans. This is beneficial to borrowers because they can get the money they need quickly. They can also pay off the loan quickly after selling their property. Instead of waiting several months for a traditional bank loan, get the money you need right away with a bridge loan.
For assistance with bridge loans, reach out to Shop Commercial Mortgage. We work with individuals who are in need of bridge loans, hard money loans, and other private loans. It is our goal to help borrowers get the money they need. For more details about our services, you can call or text Shop Commercial Mortgage at 813-368-9919 today! We hope to hear from you soon and look forward to assisting you with your bridge loan needs.