If you are new to the commercial lending world, you might not be familiar with the term ‘bridge loan’. There is no need to remain confused – a bridge loan is actually a relatively simple and straightforward concept to understand. A bridge loan, which is also known has hard money, is a short-term loan usually for commercial purposes. These loans are known as bridge loans because they are generally used as a ‘bridge’ to take the borrower through the initial acquisition of an investment property until they can secure more long-term, traditional financing.

The reason that hard money loans in New York City are so popular is that it can be difficult to secure a loan from a traditional bank quickly enough to suit the needs of some borrowers. If you are trying to act quickly and purchase a distressed property, for example, you might not be able to work through the bank red tape fast enough to get the money in time. Instead, you can use a bridge loan from a lender such as Hard Money Brooklyn to get the money you need, when you need it. Then, if necessary, you can secure a bank loan later on to pay off the bridge loan at the end of the term.

It is important when considering the use of a bridge loan to understand the terms of the loan and how many fees and additional costs are associated with the loan. At Hard Money Brooklyn, for example, we don’t charge upfront fees as part of our loans, so you don’t have to worry about that adding to the overall cost of the money you are borrowing.

A bridge loan isn’t the right choice for all situations, but it can be a perfect solution when the need arises. If you are going to be making a commercial investment purchase and need a loan quicker than a bank can provide it to you, a bridge loan is a great option to consider.

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