Mixed Use Bridge Loans
Mixed Use Bridge Loans Give You Short-term Finance Quickly
Mixed use bridge loans offer short-term financing as you wait for long term financing. For instance, you can take out a bridge loan if you need money to break the ground as you wait for a permanent loan. The name comes from the fact that the loan acts as a sort of “bridge” between your new opportunity and permanent financing.
Facts about Bridge Loans for Mixed use Properties
These loans are normally short-term, usually ranging between 12 to 36 months. Before the lender approves your application, he will want to know exactly how and when you will refinance or repay the bridge loan. Additionally, the lender looks at the potential for cash flow from the mixed use property.
When applying for this loan, you need an exit strategy in place. This can be through selling the property in the near future to pay off the loan, or refinancing the loan. When it comes to refinancing, you can decide to refinance using a traditional loan. Refinancing gives you a chance to get a low-cost, long-term refinancing option that is affordable and convenient for you.
How Can You Close this Loan Quickly?
When it comes to a bridge loan, you need to close it as quickly as possible. This is because you need the cash quickly to use the available opportunity.
At Mixed Use Mortgage, we have only good news for you regarding bridge loans. We have identified lenders who can give you mixed use bridge loans at competitive rates. Our lenders are willing to listen to you and give you an opportunity to make your dream of owning a mixed use property come true. Don’t let that lucrative deal slip out of your fingers, let our professional loan officers help you get the best bridge loan today!
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.