Bridge Loans In Los Angeles
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Los Angeles Bridge Loans
The name 'Los Angeles bridge loan' is quite accurate - it essentially bridges the gap from point A to point B. It's a short-term loan from six months to one year that can be used for both commercial and residential properties. The benefit of a bridge loan is that it can provide the funds needed to complete a project, even if the full amount isn't available.
Why Bridge Loan?
if you're selling your current home before the sale is finalized but don't have the funds to close on your new one, a bridge loan can provide those funds. Of course, it's essential for the lender to be able to pay off the loan at the end of its term or risk being stuck with two payments. The same would happen if you need a loan to buy land for your business - in that case, a Los Angles bridge loan lender can help.
Benefits of a Bridge Loan in Los Angeles
A bridge loan can be a great option for financing development projects and/or covering the costs of a down payment on a new home. Here are some things to keep in mind about them:
Flexibility - Bridge loans are typically used when someone is buying a new home before their current home has sold. These loans provide the financial flexibility needed to buy a new home without having to sell the old one first.
No Mortgage Insurance - One of the best things about bridge loans is that you can avoid paying mortgage insurance. By putting down 20% or more, your lender will waive the need for you to pay PMI (private mortgage insurance). And if you live in Los Angeles, there are specific lenders why can help you to get a bridge loan.
No Maximum Limit - There is no maximum limit on the amount you can borrow. Lenders typically utilize a set of criteria when determining your borrowing cap. For example, if you are seeking a loan for an average, home renovation, then your borrowing cap will likely equal 80% of the combined value of your current home and the one you wish to purchase. Experienced developers sometimes even manage to borrow 100% of their development costs through bridging finance.
If you're thinking of borrowing money to fund your next real estate project, bridging finance could be the perfect solution.
Credit Score Needed to Qualify for a Bridge Loan
A bridge loan in Los Angeles is typically offered to borrowers who have a good credit score and a high-quality income. However, some bridge loan programs may also work with people who are starting with a lower credit score at 600, as long as they can demonstrate responsibility with their debt in the past.
Get Approved for a Bridge Loan in Less Than 72 Hours
A bridging loan is a perfect solution if you're looking for finances to bridge the gap between two financial commitments. In other words, it's not meant to be your long-term or permanent solution. If you're looking for a bridging loan, be prepared for a bit of a wait.
If you're in the real estate business, you know that time is the most important thing of all. That's where LBC Capital comes in. We are a #1 trusted Los Angeles bridge loan lender and we have a wide array of products for borrowers with various needs. No matter what you're looking to finance (new home, commercial property, honey farm, etc.), we'll help. We understand that no two people have the same experience or needs (we've seen it all!). So if you need some advice or direction on picking out a product that suits your individual needs, our team is always happy to lend a helping hand. If you need more information about bridge loans in Los Angeles, please call us at (855) 858-0853 or fill out contact form to request a call from one of our loan advisers today.
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