You check the recent headline. “Supply in Phoenix keeps dropping, prices still remain high.” You have the perfect property to put on the market, but you check the comps.
Your property, just isn’t up to snuff. You know the repairs you need to make, you know how you could make this into a killer deal.
Your problem is your loan! Thankfully bridge loans in Phoenix can help! Bridge loans in Phoenix are easy to approve, and make the most of your property.
You can also get a break from a less than ideal loan, and let your future revenue pay for your project.For those investors looking to make the most of property before they sell,a bridge loan can change the fate of a property.
What Is A Bridge Loan
Basically, these loans “bridge” the gap in funding the investor needs to finish their investment on a property.
For investors need a rehab, of Bridge loans in Phoenix offer relief to investors looking to sell. Bridge loans can also help real estate investors get out of loans with too high of fees, and be used to refinance a property.
A Bridge loan is a type of hard money loan, so it is secured by the property value, instead of the investors credit. So those real estate investors with less than perfect credit, can still get approved.
What are Bridge Loans In Phoenix used for?
Bridge Loans In Phoenix are a very versatile loan, so almost any real estate investor can use one. In Phoenix most investors use them to make fast offers on properties that they know won’t be sitting on the maret long.
Bridge loans in Phoenix are ideal for trustee sales, or even short sale properties.
Other Investors will use bridge loans to fund a home rehab project before listing their home, and others may use them to help refinance their current loan.
Bridge loans can even be used to stop foreclosures on properties and offer solutions to save investments.
Why Use A Bridge Loan Instead of a Bank Loan?
Like many Phoenix Real estate investors, properties move fast, so real estate investors are always looking to close now! Don’t ever feel frustration for waiting for approval.
Some investors may have fallen into bad deals they just want out of, bridge loans in Phoenix are perfect for that. Your bridge loan is secured by your property, so it s a fast streamlined way of getting your funds now! You don’t have to deal with the hassle of filling out another credit check.
In fact, most bridge loans are approved within 12 hours! Another great advantage to a bridge loan is the speed of funding.
Banks can have you waiting for weeks before you know your status, with a bridge loans you can be funded in as little as two days. For those facing foreclosures, or wanting to close on a property it is easy to see why they love bridge loans in Phoenix!
Downsides to Bridge Loans In Phoenix
Bridge Loans In phoenix offer many investors a easy transition for their properties. For Most investors, especially those wanting to snatch a property quickly a bridge loan makes this easy.
Bridge Loans in Phoenix are designed to be short term loans, and ideally to be refinanced. Like All hard money loans, bridge loans come with short terms and higher interest rates than their bank counterparts.
Bridge loans aren’t meant to be a mortgage for a homeowners, with a 12 month term, and high interest rate. However bridge loans make it easy to access future profit from your property, and are perfect for investing. With the nitty gritty out of the way, let’s talk about how you can best use your bridge loan.
Using Your Bridge Loan:
There’s no right way to use a bridge loan in phoenix. Many investors use bridge loans for a variety of reasons, and find themselves in fast moving deals, so they need fast funds! We broke down the three most common use for bridge loans below, and how bridge loans are ideal in each of these situations.
Buying A Foreclosed Home
As a real estate investors in Phoenix, you may often look at ‘trustee sales’. These are homes that have been foreclosed on, and are now available to purchase for your own use. For investors foreclosed homes are a great way to snatch up great properties for either rent or a flip.
For those looking to start investing, foreclosed homes are a great place to start. Buying a foreclosed home with a Bridge loan in Phoenix is a great way to get a property if you don’t have funding! Your lender will help you determine the ARV (after repair value) and that is your loan value.
This is a great way to purchase a house, and possible roll into another loan down the line with better rates, or not have to use the funding out of your own pocket, while you secure your funding.
Making Repairs For Your Property
Another great way to use a bridge loan, is to make repairs for your property.
You may have a property that is in need of repairs, and you want to make the most of your investment. An easy way to use a hard money loan is to fund your repairs.
This will help ensure not only a fast repair process but that your home will sell for the the largest profit. You can essentially use the future profit from your property to pay for the repairs now.
Saving A Property From Foreclosure
Bridge loans In Phoenix are a great way to help investors acquire, and profit from their properties. Sometimes real estate investors may take a gamble on a investment, and get stuck in a bad loan situation.
Real estate investments can be tricky, and for those facing foreclosure on a property, it may seem like there’s no way out. Instead of scrambling to come with payments, a bridge loan may be a the relief an investor needs.
Bridge loans are a great way to get full funding for a property, and get the relief from foreclosure. You can use a bridge loan to pay off outstanding debts and sell a property.
Where Can I Find A Bridge Loan Lender?
Finding a bridge loan lender in Phoenix is easy! In fact Most hard money lenders offer bridge loans, along with other loans like home rehabs. Unlike other hard money lenders in Phoenix, Prime Plus mortgages loans are made for real estate investors, because we are real estate investors.
We take our hands on approach to help you make the most of your hard money loan, and make the most profit from your property. Not only do we offer insight to make the most of your property, we also offer fast approvals, and fast funding.
Our Hard Money loans make funding easy. Our bridge loans are short term, and asset based, so it will not affect your credit score. We make refinancing easy, and provide you the funding you need for any real estate investing projects you have!
Real Estate Investing is tricky enough, so your loans shouldn’t be. Whether you are a real estate investor or homeowner who needs fast approval for an asset-based loan, Prime Plus Mortgages has your back. You can learn more about our bridge loan programs here.
