Why Choose Washington Capital Partners for Bridge Loans?
When you find the right investment property, whether it is an acquisition, new construction or a fix and flip, the last thing that should stop you from securing it is a slow bank loan. The perfect property is stressful enough to find, and takes time. Securing financing shouldn’t and that’s why we’ve created a bridge loan program so you can quickly receive funding to secure the property while you wait for long-term to come in.
By choosing Washington Capital Partners for your bridge loan, you have a company that understands the impact time plays into securing a property, especially when you find a good price point or have to compete in a crowded market. We also understand an open line of communication is equally as important. That’s why you are assigned a dedicated specialist who will let you know the minute you’re cleared or if you need to provide a bit more information. Your expert will also give you a direct line in case you have any questions or just want to check on the progress. But our services don’t just stop there.
With in house inspectors, underwriters and local experts, we’re able to process these loans faster than others which is why we’ve become the largest hard money lender in the DC, VA and MD area. Contact us today using the form to the right and discover how easy it is to secure fast financing for bridge loans the minute you find the right property and don’t want to lose out while waiting for a big bank to make a decision.
Everything You Want to Know About Bridge Loans
What is a bridge loan?
It’s a short-term financing solution that is typically used to fund the purchase of an investment property while waiting for long term financing to close. Investors can use this option for 1-12 month periods. It gets its name because it acts like a bridge between the time a project is found to securing the final funding so you don’t lose the investment property.
Why do people use them?
Investors use interim financing to fill the gap between lenders. Often times investors have to purchase a property quickly because of competition or a desired price point. Because banks require a lot of documentation, it can take over a month for them to grant approvals which is why investors opt for a faster closing with hard money loans in this format.
Which types of projects can they be used for?
Investors commonly seek financing for these types of projects:
- Land Development
- Condo Conversions
- Multi-Family Properties
- Mixed-Use Development
How long is the term?
Typically bridge loans last up to twelve (12) months. It depends on how long you need until the larger loan comes into place.
How fast can they close?
In some cases, they can close within 48 hours of contacting a lender. It’s important to have all of your materials and documents in order. Luckily the materials are easy and quick to come by and your lender will be able to give you a list.
Can you get an extension?
Yes, your lender may offer bridge loan extensions longer than 12 months. Typically, an extension request is evaluated on an individual basis.
How can I qualify for one?
To qualify, you must have the following:
- A business structure such as an LLC
- A solid exit strategy (how you plan to refinance out with a traditional lender)