Los Angeles Bridge Loans
With more than 30 years of experience, HMBL offers bridge loans to prospective borrowers who need quick funds to finance real estate projects in Los Angeles. If qualified, we can approve your loan application in less than 24 hours and transfer the fund to you in as little as three days. By having a deep knowledge of every aspect of the real estate business, we ‘bridge’ immediate cash flow needs by providing short term bridge loans using a borrower’s equity.
Financing complex projects requires an insight into all things real estate which has given us experience in closing difficult and complex deals. We offer hard money loans with a lower rate of interest on the following kind of property:
Qualifying for a mortgage with us is primarily dependent on your equity, rather than your income, credit, and financials which is the case with other loans. We offer bridge loans to our customers with competitive interest rates, better terms and reliable services with lower fees. Rates start as low as 7% on first mortgages and 10% on second position loans.
When you apply for a Bridge loan in Los Angeles with us, you will not be required to supply us a tax return or income documents. We handle all aspects of qualifying you for a loan in the most efficient and quick manner possible. Upon application, we immediately get to work and verify your equity, review property condition, and determine whether you have the ability to pay it back.
The competitive field of real estate requires the ability for potential buyers to make fast decisions. When it comes to getting quick approval and funds for real estate backed loans, there is no better option than a bridge loan.
What are Bridge Loans?
A bridge loan is a short term loan of up to 2 years that allows property owners to get financing in the fastest possible manner outside of having cash on hand. Interest rates on such programs are higher, however for many investors the benefit outweighs the additional cost as it allows them to retain financing faster to buy profitable properties before other buyers have the chance. This can prove invaluable. Real estate investors looking to expand their portfolios quickly choose Bridge loans because of the fast approval and easy funding process. Additionally, investors may turn to bridge loans when they have a time lag between the purchase of one property and the sale of
another property. Hard money bridge loans can be funded within a few days, rather than up to 2 months for conventional loans. Borrowers who borrow hard money Bridge loans from private lenders pay a premium interest rate, however can expect to close their loan, if approved, within 5-10 business days.
At Hard Money Bridge Lenders, we have been providing Bridge loans to our clients across Los Angeles and many of our clients are continuously using our services for their real estate financing needs. Fill out our loan application below and one of our representatives will contact you within 24 hours to show you your loan options.
Why HMBL For Los Angeles Bridge Loans?
Frequently Asked Questions
What is a Bridge loan?
A bridge loan is a temporary financial solution to short-term financing problems. It 'bridges the gap' between having a profitable property and financing that property. The bridge loan is secured by real estate property and the borrowers need to pay a premium interest.
When should one use a bridge loan?
When the borrower needs capital quickly for purchasing a new property without selling the current one, they can choose bridge loans or when they cannot qualify for traditional financing. Being fast in real estate is crucial, particularly when trying to buy a really good investment that has a lot of competitors. Qualifying for other loan types can be detrimental to your goals of being the winning buyer as other programs may take up to 60 days to qualifying, which gives enough time for another buyer to come and snatch up that property that you wanted to purchase.
How much time does it take to get a Bridge loan?
Generally, it takes one to three weeks to get a Bridge loan funded. The time varies depending upon the specific type of Bridge loan that you need, the location, and how much equity you have. The more complex the situation, the longer it may take to verify. If a Bridge loan is secured by existing property and has at least 20% equity, it can likely be funded within one week. If the loan is for a purchase, it will take a little longer to verify purchase agreements and communicate with escrow.
When you want to purchase a new property but rely on the money which you will get by selling the current property, in this situation, a bridge loan is your best option. You can borrow a Bridge loan against real estate that you already own and that pull out equity with the bridge loan. Once you own the new property, then sell the original property you can pay off the loan.
How can I get a bridge loan?
As a direct bridge lender we can assist you with all your financing needs including purchase and refinancing existing high interest loans. To begin, complete our basic application and someone from our officer will review your file and contact you within 24 hours. We require at least 20% equity and an exit strategy on how you intend on paying the loan. The main requirement we have is that you have income (even if it can't documented in tax returns) and equity to fund your bridge loan. Once we receive your information, we will do our due diligence to confirm all details and determine how much we can lend. If qualified, funds will be transferred to you within a week.
Does a Bridge loan require a down payment?
For purchases, you must put at least 20% down.