Frequently Asked Questions
Bridge Loans
How long does it take to obtain a bridge loan?
It takes between 10 to 20 days
What documentation is required for a bridge loan?
a.) Personal financial statement
b.) Bank Statements
c.) Resume
How long does it take for a commitment letter/approval?
Between 2 to 5 days
How long does it take for third-party reports to be conducted?
Between 1 to 3 weeks
What is the rate?
The rates start at 9%.
What is the loan to value?
The LTV ranges from 50% to 70%
What are the terms?
12, 24 or 36 months
Is there a prepayment penalty?
No, but there is minimum interest of 6 months.
Is it recourse or nonrecourse?
To be determined on deal by deal basis.
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CONVENTIONAL LOANS
How long does it take to obtain an approved conventional loan?
Approximately between 60 to 90 days
What documentation is required for a bridge loan?
a.) Personal and corporate tax returns for 3 years.
b.) Interim financial statements
c.) Personal financial statements
d.) Debt schedule
e.) Rent roll
f.) Operating expenses
How long does it take for a commitment letter/approval?
Approximately 30 days.
How long does it take for third-party reports to be conducted?
Between 2 to 4 weeks.
What is the rate?
The rate goes from 6% to 10%.
What is the loan to value?
The LTV ranges from 50% to 75%, and up to 90% if SBA loan.
What are the terms?
5,7 and 10 years. Up to 25 if SBA loan.
Is there a prepayment penalty?
Yes, usually 3,2,1
How much of the loan can I pay down yearly?
Up to 20%.