When speed is required this is the program for you. The standard turnaround for a bridge loan is one week but closings have been done in one week or less. Bridge loans are interest only and offer terms from 6 months to 2 years. With these short terms you must have an exit strategy since this loan will have to be repaid within a maximum of two years.
A bridge loan program is also ideal for properties in transition that will offer some upside to a buyer within a short timeframe. An example would be an empty building. Conventional loan products will not work for this type of property so the bridge loan is your best option. Purchase with this product, renovate and lease up the property. Once cash flow is established you will refinance into a conventional program.
If you are a business owner and need to raise money fast for a short term this is also a product you should consider, but remember this is not long term debt. All types of real estate collateral can be considered for this loan including second mortgages.
Property types for bridge Loans
office buildings Bridge loans
apartment buildings Bridge loans
shopping center Bridge loans
Mixeduse Bridge loans
Apartment Building Bridge loans
Multifamily Bridge loans
Multi family Bridge loans or hard money loans
Lastly you should understand that these programs will be more expensive than conventional products but offer the speed and flexibility that can often save a deal.