Specialized Bridge Loans For Your Commercial Property
In today’s modern world, it is incredibly common for real estate owners to need a bit of creative financing in order to succeed. Time is one of the most important aspects when considering purchasing commercial real estate. The issue most real estate developers and owners face when trying to close a loan is time. If you own multiple properties, that are all owned by different entities. It can begin to become a headache when dealing with traditional financing. Most banks want to see all of your schedule k-1’s and possibly three years of tax returns for each entity. This alone can take weeks to comb through, so why not instead worry about traditional financing once you have acquired the property. Through our network of lenders, Elite Capital Financing offers many different financing options so you can find a bridge loan that fits your needs and unique situation.
When Considering a Bridge Loan majority of lenders in the market place have similar terms. Here is what you should expect when dealing with bridge loans:
1-2 year interest only loan, 8% – 12% interest rate, 3-4 points origination fee, 60% loan to value (up to 80% LTV for certain occasions).
Property Types Include: Multi-family, office, retail, mixed-use, gas stations, restaurants, day cares, Hospitality, mobile home parks, marina’s, specialty use, etc.
For properties located in Florida, ECF can issue a commitment letter to borrowers within 1 day!!
If you are interested in learning more, please feel free to contact us today!