A commercial bridge loan has a lifeline of two weeks to three years depending on the lending facility. Most lending facilities will give you up to one year and only extend at a different rate upon agreement with the lender. As you apply for a bridge loan for commercial purposes, it is important to note that they come with a higher rate than the normal interest rates. It is also worth noting that this particular kind of loan is meant for property owners who need for one reason or another to improve an existing facility or make final touches to a new building. It gives you the chance to put your property in order as you wait for larger and better financing.
To effectively benefit from a commercial bridge loan, it is important to have a good credit record. A financial statement will also come handy if you need to have your application approved. A poor credit record is not a very good show for lenders as it might help in your loan not being approved. Interest rates depend on available collateral and this lender will be advised on making the loan application. It is our greatest desire and will to ensure that lenders get what they want in the shortest time possible.
The good thing with the loan process is that it is absolutely done online. You do not have to undergo the process of providing copies and photocopies of documents to be able to find approval. It gives us great pleasure to work with all customers. You do not have to be a large commercial holder to be approved. We serve all kinds of commercial owners who desire to have a loan as they wait for their other processes to complete. Our prices are fair and quite reasonable.
When looking for a commercial bridge loan wisdom would be to choose right. As lenders we work with our customers from the beginning in ensuring that they understand what they are getting into and how they are suppose to make repayments. Our staff will be will you all the way true.