A bridge loan is a short term loan when you need quick cash. It’s quick to approve money obligations are met that can save your credit. Bridge loans can be used during the in between time while waiting to make a sale to cover one or the loan and if you need a larger loan.
A bridge loan is a perfect solution when you need transition money. Some extra debts may accumulate while buying and selling products or property and a short term loan is needed quickly. It is why they approve quickly and are used as a carry over until one or both sides of your deals close.
Bridge Loans are designed to help cover temporary expenses incurred while in the process of transferring debt. Worry from extra debt that occurs during that time can be avoided. A bridge loan helps you satisfy your liens during that time so you can keep taking new opportunities.
A Bridge Loan is a perfect solution to pay extra debts incurred during two transactions. The interest rates usually range between 1 to 2% above the average loan. The lending company absorbs some risk and approves quicker than other types of loans. It is a short term loan usually 6 to 12 months and you may be able to get an extension if needed.
Bridge Loan Keeps your Business Stable
When buying and selling merchandise or property there are deadlines. A bridge loan relieves you of the financial strain while waiting to close the deal. Incidentals can cause delays that may put you at risk of credit damage from past due payments, foreclosure and loss of investment. A bridge loan is a powerful business tool used as a carry over to prevent loss.
Quick Apply Process and Quick Delivery
Applying is usually quick and hassle free because of the length of the loan. The terms for your loan should not be more than 2 to 6 months. If it becomes necessary to increase your loan time an extension can usually apply. Once the one end of the transaction goes through you may choose to pay the loan down. Terms of your bridge loan are determined by the length of the loan and the structure of the transactions you need to cover.