Consult Real Estate Bridge Loan Lenders To Ease The Transition Between HomesPosted by LelandAOgden on April 7th, 2017 Bridge loans, also known as hard money loans, are temporary loans that help in bridging the gap between the price of a property and the buyer’s new mortgage. It is mostly taken in cases when the existing home of the buyer has not been sold yet. So, the funds gathered with these loans help take care of the down payment for the new home. Bridge loans for residential real estate provide borrowers with short time solutions for expense obligations. And the biggest benefit of consulting real estate bridge loan lenders is the flexibility that you get to enjoy. You get to quickly close on properties that you desire, complete any immediate renovation works, or even have enough time to be able to find tenants for the property. Most of the bridge loans are non-recourse. So, the borrowers usually seek repayment of the loan through the property itself. In other words, unlike conventional lenders, the bridge loan lenders don’t require great credit nor income documentation.
Just like any other loans that you apply for, you should do the necessary homework so that you can be better informed about the different fees and charges that are involved with the bridge loans. Besides, you should also know of the many real estate investment buying benefits that you would get to enjoy when you opt for bridge loan option. Author’s bio: The author is a blogger. This article is about bridge loans for residential real estate. Like it? Share it!More by this author |