Are you searching Google for “Bridge Loans Scottsdale“, while searching for loan to cover the gap between buying another home and selling your current one? If so, Brad Loans by eMortgage can help!
No matter what kind of loan you are searching for, whether it be loans for commercial real estate, residential real estates, land, new construction, bridge loan, or rehab loan, Brad Loans by eMortgage has you covered. We provide bridge loans/hard money loans to cover the interval while you’re waiting on loans from another source or bank approved loans.
We offer residential bridge loans and commercial bridge loans in Scottsdale, Arizona. Read more about our loan offerings below.
Bridge Loan Definition
”A bridge loan is defined as a short-term loan used until a company or person removes an existing obligation or secures permanent financing. This type of financing/loan allows the buyer or seller to meet current financial obligations by having access to immediate cash flow. These loans are shorter term, up to one year, with slightly higher interest rates and are usually backed up by some form of collateral such as inventory, cash, or real estate.” Investopedia
How Do I Begin Applying For A Bridge Loan?
To start applying for a bridge loan right now, all you have to do is fill out our bridge loan application here or give us a call right now at (602) 999-9499 to speak with one of our knowledgeable bridge loan officers.
How Can I Qualify For A Bridge Loan?
Would you like to know if you qualify for a hard money or bridge loan? Have you had any Foreclosure in the past? Short Sale? Are you a Non-US Citizen? Have Discharged Bankruptcy? Don’t have any “Established Credit”… No Problem! Brad is Arizona’s premier ‘no credit’ or ‘bad credit’ bridge loan lender in Scottsdale, Arizona ready to service all of your loan needs! Read more about qualifying for a hard money loan here.
Bridge Loans In Commercial & Residential Real Estate
Bridge loans are commonly used in the commercial and residential real estate industries to cover the interval or gap between the selling of one property and the purchase of another.
Traditional Loan Vs. Bridge Loan Differences
Traditional loans usually have a slower application process, require almost perfect credit and have a lot longer approval process. Bridge loans in comparison, have a fast application process, fast approval and fast funding process. Although, bridge loans usually come with higher interest rates, larger origination fees, and shorter terms. However, borrowers usually expect these terms due to the need of convenient access to fast money. Borrowers usually have no problem paying the higher interest rates due to the fact that the loan is shorter term and they usually have a plan to pay the loan off quickly.
Example Of Bridge Loan Use
If Marco finds a new house that he wants to purchase but hasn’t sold his current home yet, he can apply for a bridge loan that will be secured by his current home, that can be used as a down payment for the home she actually wants to purchase. When the old home is sold, part of the proceeds can be used for paying the bridge loan.
Advantages Of Bridge Loans
- Shorter Payback Periods
- Multiple Repayment Options
- Can Choose To Repay After or Before Permanent Financing
- On Time Payments Can Still Increase Your Credit Rating Like Traditional Bank Loans, Allowing You To Qualify For Longer Term Bank Approved Loans
Fill Out A Bridge Loan Application Today
If you would like to see if you can qualify for a bridge loan, fill out our online bridge loan application today or give us a call at (602) 999-9499 to speak with our knowledgeable loan officers.
Telephone No.602-999-9499
