How Bridge Loans Work
Oct 05, 2016
When you go to a bank to borrow money they’ll typically puts you through a lengthy, complicated and expensive process to vet you before you can secure a loan. After all, the bank is planning to make a long-term commitment, and it wants to ensure it gets paid back. It will go over you and your financials with a fine-toothed comb while also making sure that every box is checked, every “T” is crossed and every “I” is dotted vis-a-vis the property.
If all that you want is a bridge loan, though, that process is overkill. If you are looking for a commercial bridge lender that can get you the money you need to take on a property without unnecessary complexity or bureaucracy, a commercial hard money lender can help you secure a loan quickly without relying on your credit score or other financial documents.
Four Straightforward Loan Conditions
Our asset-based private hard money loans are designed to make it easy for you to apply, qualify and get your loan closed. We understand that the best investment opportunities typically call for a fast decisive bridge lender, and we are committed to meeting your needs. When you come to us for a private hard money loan, we look for four things:
1. The right property. We lend on retail, apartment Buildings, office buildings industrial, 5+ unit multifamily and 1-4 family investment properties held by a corporation or LLC. We might also be able to be your bridge lender for other property types as well.
2. The right location. We currently lend in 25 states, spread through the Continental U.S., with a strong presence on the East Coast, along the Great Lakes and in the Southeast.
3. Equity. We will lend up to 65% LTV weather you’re purchasing or refinancing a commercial property, at Riverdale funding we only look at the asset. If the asset shows well chances are we will make that loan for whatever reason, whether it be cash out, invest in additional properties, etc. You’re in control of the money you borrow. As an investor you chose where to put that money.
4. A strategy. Our bridge loans aren’t designed to last forever. As your bridge lender, we want you to succeed, find permanent financing, and pay us off. Typically, our loans are written to last between one and three years.
If you’re interested in letting Riverdale Funding LLC serve as your bridge lender, call (888) 368-4983 or apply online today. Our investors are actively seeking opportunities to make bridge loans and help investors like you.