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North Coast Financial provides financing for commercial bridge loans secured by real estate in California. Commercial bridge loans are short-term loans (12-24 months) for commercial property including office buildings, mixed use, retail, and multifamily residential property such as apartment buildings and other multi-unit residential property. Commercial bridge loans on retail, office, mixed use, etc. are commonly capped at 60-65% of current value. Loan to value ratios for residential real estate such as apartments can go up to 70-75% of current value. Bridge loan rates often range from 8% to 10%. Bridge loan rates may vary based on loan to value needed, location and condition of the property, the borrower's strength as well as various other factors of the bridge loan scenario.
Commercial bridge loans can be used to secure the commercial property quickly when the buyer doesn't have time to go through the lengthy conventional financing process. It is possible for commercial bridge loans to close in 5-7 days if needed while the process for conventional lending on commercial property can take as long as 2-3 months. The commercial bridge loan can be used to first secure the property and then start the process of refinancing with the conventional lender.
Another popular reason to use commercial bridge financing is when the borrower needs time to make improvements to the property or increase the occupancy rate prior to obtaining the conventional loan. After the property has been repaired/improved and the occupancy rate is increased, the borrower can refinance the bridge with a conventional loan.
Please contact North Coast Financial for additional commercial bridge loan information.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.com
Commercial bridge loans can be used to secure the commercial property quickly when the buyer doesn't have time to go through the lengthy conventional financing process. It is possible for commercial bridge loans to close in 5-7 days if needed while the process for conventional lending on commercial property can take as long as 2-3 months. The commercial bridge loan can be used to first secure the property and then start the process of refinancing with the conventional lender.
Another popular reason to use commercial bridge financing is when the borrower needs time to make improvements to the property or increase the occupancy rate prior to obtaining the conventional loan. After the property has been repaired/improved and the occupancy rate is increased, the borrower can refinance the bridge with a conventional loan.
Please contact North Coast Financial for additional commercial bridge loan information.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.com
