A Bridge Loan is a short-term financing solution that uses the equity from your current home to make an offer on a new one. A Bridge Loan gives you the freedom to make the down payment on the new home, without having to wait for your old home to sell.
This financing option is beneficial for borrowers who may have less than ideal credit but have equity in a property that they wish to use as leverage to secure the new property. Opportunity Business Loans offers fast approvals and funding at competitive rates and flexible terms.
We have been providing convenient financing to a number of investors and families for years through our Bridge Loan Program. Our fast approvals, minimal underwriting, competitive rates, and reliable service has lead us to become one of the nation’s top Bridge Loan Lenders.
If you are in need of a Bridge Loan for your new home or Real Estate Investment, give us a call today or fill out our online application form. We would love to provide you the funding you need.
Bridge Loans are available for families and Real Estate Investors. Also known as a bridging loan, gap financing, interim financing, or a swing loan, Bridge Loans are useful for investors who own a property and wish to purchase a new property.
If the investor needs to secure a new property before selling an old property, they can use a Bridge Loan to borrow against the property they already own. Once the new property is purchased, the investor can sell the original property and pay off the bridge loan.
98% of surveyed borrowers would recommend Opportunity Business Loans to a friend.
A Bridge Loan may be a good idea when:
In order to qualify for a Bridge Loan, you will need:
That’s it! All you need to qualify for a Bridge Loan is those three things. Unlike other lenders, we will secure the financing you need, even if you have poor credit.
Although a Bridge Loan is probably your best bet when it comes to purchasing a new property using the equity in your current property, there are a few alternatives that might fit your needs. If you are unsure which option is best for you and your business, give us a call today. Our team of financial advisors would love to help you secure the funding you need through the loan option that makes the most sense.
A HELOC is a Line of Credit that is based on the percentage of equity you have in your current property. This financing option allows you to borrow as much as you need up to your credit limit.
This means that, with a large enough credit line, you could borrow enough to make a down payment on your new investment property. Then, you can pay off the credit line without afterwards.
Similar to a Bridge Loan, a Home Equity LOC uses the property as collateral. This means that you can get approved for this financing solution without having perfect credit.
A Home Equity Term Loan is similar to the HELOC Loan except you borrow against a percentage of your home’s equity as a lump sum. Instead of a credit line where you can draw multiple times, this loan provides you with one lump sum to cover the down payment on your new real estate investment.
Unlike the Line of Credit, if you use a Home Equity Loan as a down payment on the new property, you will need to start repaying the loan right away.
With a Cash-Out Refinance, you would refinance the mortgage on your current property. This is a big of a long stretch because you would need to cash-out enough to cover the down payment on the new property as well as your current mortgage.
For this to work, your current property will need to have a substantial amount of equity and you would still have two mortgages until your current property is paid off or is sold.
It is generally a better option to go with a Bridge Loan rather than the Cash-Out Refinance option.
Most mortgages require you to pay at least 20% of the property’s value as a down payment. With the 80-10-10 Piggyback Loan method, you would only need to pay 10% upfront.
Instead of taking out a Home Equity Loan or Line of Credit on your current property, you take out a loan at the same time as the mortgage on the new property. This allows you to secure the home while only paying half of the required down payment upfront.
The final option is to just take out a Personal Loan for the amount of the down payment. This is a great way to quickly get the capital you need. However, you will typically need a strong financial history in order to get the amount you need.
If you have a strong credit history, sound employment, and a good debt-to-income ratio, you might be able to secure the funding you need. If you think this is the right option for you, contact Opportunity Business Loans to secure the capital you need faster than any other lender.
We provide same-day approvals for affordable loans with flexible terms and low rates.
A Bridge Loan comes with multiple advantages that will help you secure you new real estate investment. Contact Opportunity Business Loans today to obtain the capital you need to secure a new real estate investment through simple and affordable financing options.
Opportunity Business Loans provides convenient and affordable Bridge Loans to real estate investors that are looking to purchase a new commercial property. No matter what type of property you are investing in, we are here to help. Give us a call or fill out our online application form to finance your next investment today!
In just 3 easy steps, you can explore your financing options.
Start by filling out our fast application where you can tell us about you and your business. With just one simple application, you'll have access to over a hundred different lenders.
After submitting your application, our advisors will evaluate your business profile and match you with lenders who can offer the best financing for your business.
Review all your different financing opportunities with an advisor at hand. With so many opportunities at your door, you’ll find the best one to meet all your business needs.
With locations in every city, you'll have no problem finding the right loan.
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