What Are Bridge Loans?
Bridge loans are a type of hard money loan meant to bridge the gap in funding until a property can be refinanced or sold. Hard money lenders offer bridge loans to help investors close deals quickly, fund rehab projects, and rescue homes from foreclosure. Regardless of the purpose, all hard money loans offer fast approvals and are based on asset values. You can qualify for a bridge loan if the property has sufficient value.
How Does A Bridge Loan Help?
Real estate investment is a competitive business, especially in Arizona. With the real estate market booming, investors have to fight to win the good properties—the properties they can fix and flip with huge profits. Investors who work with slow retail banks lose out. Approvals with those institutions take 30 days or more. When you work with a hard money lender like Prime Plus Mortgages, you can have approval on your next investment in as little as 24 hours.
This means you win the bidding. When you’re fighting for the hot deals, you need financing right now! Using hard money loans, you can secure the property, you can fix and flip it. If you want to keep the property, you can then refinance it into a long-term loan.
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”I had a great experience working with them! They're very helpful and friendly and They always response very fast, I will definitely work again with them in any investment property I have in the future!!! Highly recommended!! Thank you so much to all your team!!Adriana VazquezCustomer
Where Can I Find A Bridge Loan Lender?
Your next real estate investment is guaranteed to succeed when you work with a hard money lender like Prime Plus Mortgages. Our hard money loans are designed for rehab projects because they are based on the after repair value(ARV) of the property. The ARV is the value of the property after you complete the rehab. When you find that golden investment opportunity and fund it with Prime Plus Mortgages based on the ARV, you get funding to not just buy the property but also to complete the repairs. With Prime Plus Mortgages hard money loans, your next fix-and-flip project is destined to succeed.
Benefits Of Bridge Loans
Can You Rescue My Foreclosure?
When real estate investors face foreclosure, they can save their property and their equity by working with a hard money lender like Prime Plus Mortgages. When you’ve put blood, sweat, and tears into an investment property or home, the last thing you want is the bank selling it out from under you, so someone can scoop your equity. If you are in danger of foreclosure, contact Prime Plus Mortgages.
As a bridge loan lender, we can provide the financing you need to pay off the foreclosing lender, provided there is sufficient equity in the property. Our hard money loans are based on the asset, not your credit. This means that while retail banks turn you away, hard money lenders like Prime Plus Mortgages get you the funding you need. Once you get the property out of foreclosure, you can either sell it or refinance into a long-term mortgage once things get back on track.
Whether you are a real estate investor or homeowner who needs fast approval for an asset-based loan, Prime Plus Mortgages has your back. We’ll get you hard money loan you need today.
Why Prime Plus Mortgages?
- Up to 90% LTV
- 10-16% interest rate
- Asset based, not credit based lending
- Funds available within 24 hours if needed (our loans really are fast)
- Points vary based on the deal and borrower experience
- No pre-payment penalties