Previously we took a closer look at bridge loans, another type of option available to those that are “in between” properties. If you’re on the fence about them, let’s explore a few reasons why they may work for your needs.
Time is critical when it comes to deals. If a lender is taking its time to close and the time is ticking, a bridge loan can ensure you will be able to take advantage of a lucrative investment opportunity without having to worry if it will close in time.
Maybe you have an investment property that needs to get sold as quickly as possible but realistically may take several weeks before a buyer makes an offer. A bridge loan will “tide you over” until the property is sold during this transitional period before the home sells.
Let’s say you’re involved in a partnership that you’d like to dissolve for whatever reason. With a bridge loan, you could pay off your end of the partnership or buy out your partner who may not wish to proceed with a certain investment.
This update is by Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money loans Miami, please call 954-816-0388 or fill out our hard money loan application.