Bridge with Rehab (Fix and Flip)
Bridge with Rehab (Fix and Flip)
Bridge with Rehab (Fix and Flip)
Bridge with Rehab funds are a simple, one stop loan that allows you purchase an investment property with as little as 10% down AND finance up to 100% of the rehab costs to improve the property. Typical terms are 12 months long and come with interest only payment. This product does NOT usually have a prepayment penalty.
Many Flippers will purchase then sell these homes at a profit or decide to refinance them to hold long term for residual income from renters. A key part of the BRRRR Method is staying liquid and being able to exit quickly to reduce carrying costs. Bridge with Rehab fund financing is also possible for refinancing if mid-construction or if you own a property free and clear and would like to pull cash out in addition to additional rehab funds. The options are nearly endless. A true Hard Money product offered by both HML and PML alike.
New Construction Bridge
Bridge with Rehab (Fix and Flip)
Bridge with Rehab (Fix and Flip)
Ground up is usually considered raw land that is being improved upon by going vertical. However, an existing dwelling being torn to the foundation and rebuilt will normally qualify as new construction as well. Construction loans are also typically 12 months long, come with interest only payments, and no prepayment penalties.
New Construction loans are difficult for inexperienced borrowers to qualify for. Working with Belsky Mortgage, LLC, we can help you find the right program for you no matter how much or little experience you have.
Purchase/Refi Only Bridge
Bridge with Rehab (Fix and Flip)
Purchase/Refi Only Bridge
Bridge loans are designed to be fast. With no construction or rehab component, these loans can sometimes close in as little as 5 days. If you need to access to the equity you have on a home sitting on the market, some bridge lenders will allow you to pull cash out some of the equity until the home sells. This way you can still keep going on other projects or begin new ones.
Many investors use bridge loans as a bargaining tool when purchasing as well. Fast closes are often appealing to sellers. Permanent loans, such as DSCR or Conventional simply can't compete with the speeds of Bridge loans. These loans typically range from 3-12 months, are interest only payments, and normally come with no prepayment penalty as well.