Investing in real estate can be a rewarding and lucrative business venture. If you’re looking to expand your possibilities in the market, then you may be looking at lenders who can assist you with moving through your transactions successfully.
Depending on the type of real estate purchase you’re making, there are different loan types to meet your need.
What is a Bridge Loan
Bridge loans are used for residential and commercial real estate funding. They are temporary and provide a short time frame for the needed finances. These asset-based loans can be requested by residential property buyers or those investing in property as well as buying a commercial building. They are usually backed an actual property as collateral.
If you’re just starting out with real estate investing or you’re ready to purchase more properties, you might be considering a bridge loans. Here are 3 reasons to go this route.
1. Auction Bidding
If you are buying a house or property at auction, you will need quick access to funds to ensure your bid is accepted. If you don’t have the cash ready in hand, its very easy to lose out on a terrific investment. With a bridge loan you have quick access to the money you need to win the auction bid.
2. Fix & Flip Property
For those who like to find a “diamond in the rough” and transform properties into the full potential they envision for a great resell, securing the funds to do so from traditional investors can be difficult. With a bridge loan, it’s possible to bypass some of the hang-ups encountered with conventional loans.
3. When Relocating
Things happen. When you need to pick up and move your business or home quickly, a bridge loan can provide the needed funding until you’re able to sell your current property without delaying your plans.
At Sachem Lending, we provide solutions to meet your current obligations including immediate cash flow – within days.
We’re here to cater to your needs while you secure your conventional financing. Give us a call or fill out an application today!