Have you been searching for way to finance your next real estate venture? If you are, North Coast Financial is a leader in bridge loan financing, and with more than 37 years of experience in helping investors and private homeowners obtain loans, and they may be able to help you obtain a loan.
Unlike other hard money lenders Los Angeles, North Coast Financial can give you access to your funds within days, and for an owner-occupied residence, roughly 2.5 weeks. Thisis because bridge loans from hard money lenders offer quicker approval and funding than bridge loans from other sources.
What is a Bridge Loan?
A bridge loan is a type of short-term financing that allows the owner of a property to borrow funds before their property is actually sold. The bridge loan is used to finance against the equity in the existing property to procure a new property. Once the new property is purchased, the old property is sold and the proceeds are used to pay off the loan. Some bridge loans are also used in reverse order. Reverse bridge loans allow investors to use the equity in their new property, which then allows them to pay off the loan once the old property is sold.
Benefits of Bridge Loans
Bridge loans can provide property owners with a variety of benefits, including:
- Immediate utilization of a property’s equity without selling
- The ability to obtain an offer on a home without having to sell an old property
- Easier access to funds for individuals who are denied by banks and credit unions
- No “ability to pay” qualification requirements
Bridge loans also allow sellers to have their offer accepted by another party without the contingency of selling the original property.
Learn More About Bridge Loans
If you need to purchase a new property quickly and efficiently, you should consider obtaining a bridge loan from North Coast Financial. Bridge loans offer almost immediate funds, and unlike loans from commercial banks or credit unions, you can borrow against the equity of a property. Learn more about bridge loans today.