Bridge Loans Checklist
We write a large number of bridging loans. These loans are short-term, typically from six months to three years in duration. A bridge loan can help you bring a property up to standard. Bridge loans are often used when a property needs minor rehabilitation, needs to be tenanted, or the owner has credit or other issues that are in the way of getting permanent bank or agency financing.
Bridge loans often do not need income verification and can be more flexible with credit requirements. Interest rates are a bit higher than long-term loan rates in order to mitigate the risk involved. Construction loans are often written as bridge loans, so the requirements are quite similar.
Application Requirements:
- Borrower ID
- Personal Financial Statement (PFS) including Schedule of Real Estate Owned (SREO)
- Rent Roll of Subject Property if currently tenanted - Commercial or Multifamily
- Credit Report (Soft Pull)
- Property Operating Statement (if operating - 2 years and trailing 12 months (T-12))
- Property Photos (3 or more - inside and outside)