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When To Consider a Bridge Loan
As the name indicates, a lender offers bridge loans in order to create a financial �bridge� to get the borrower from one transaction to the next. A bridge loan is meant to be a shorter term loan that is used for interim financing while waiting for another transaction or situation to occur. A bridge loan can take care of short term needs while looking for the ideal long term solution. A bridge loan is often used to purchase commercial or foreclosure real estate, enabling the borrower to close on a property quickly. Often borrowers utilize a bridge loan until:
A property is sold
What Are the Benefits of a Bridge Loan?
Bridge loans also known as �Swing Loans�, �Interim Financing� or �Gap Financing� are generally quick, and usually require less paperwork than a long term loan. A bridge loan can allows you to make a competitive offer on a property without a contingency clause. Whether you need a loan fast, or just need a temporary loan while closing on another loan, a bridge loan can be very helpful and financially sound solution.
Designed to be fast and easy
Interest rates are usually somewhat higher than a traditional long term loan, but can still be quite competitive
Does It Matter if My Lender is a Member of the Mortgage Bankers Association of America?
The Mortgage Bankers Association (MBA) is a national association for professionals in the real estate finance industry, which promotes fair and ethical lending practices and fosters the professional excellence of real estate financial employees.
When you need a loan, it is a good idea to select a lender who is a member of the MBA. This helps protect you against fraudulent practices and unethical companies. The MBA is headquartered in Washington, D.C., and invests in communities across the nation by focusing on improving the quality of residential and commercial real estate markets. Lenders who are members of the organization receive frequent market updates, educational training opportunities, and other useful information that can enable them to give clients the lowest possible interest rates, and exceptional service.
The MBA includes over 3,000 trusted companies in the real estate financial industry including mortgage bankers, originators, aggregators, mortgage brokers, guarantors, and investors. Other member companies include insurers, appraisers, title companies, lawyers, closing agents, technology vendors, consultants, and many state associations. These valuable partners can be a great resource for a lending company, which also helps ensure that you get the most professional and high quality service available.
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