Did you know that, unlike traditional banks and other lending institutions, hard money lenders are an excellent option for those looking for quick access to bridge financing? If you are building a house in or around Fairfield, New Haven, or Middlesex County, CT, the team of experienced bridge lenders at Mansby Capital has all your funding needs covered.
Bridge loans, sometimes referred to as hard money loans, are short-term loans that provide funding during a transitional period. They are frequently replaced with more permanent bank financing upon construction completion or once a real estate investment is stabilized.
Acquisition loans are typically used to provide funding to purchase raw land or existing single-family and multi-family properties. These loans allow real estate investors to finance small to mid-scale projects and usually last between one and two years.
These loans are often used to finance new property construction. To qualify for a
construction loan, you will need to present a detailed project plan and a construction timetable. Take your time gathering all the necessary information to ensure a seamless bridge-loan application process!
Fix and flip loans result from combining acquisition and construction loans into one. These loans make the process more straightforward for borrowers looking to purchase and renovate a property before selling or refinancing it. They are often used to finance foreclosure or auction purchases.
Here are some of the benefits of bridge loans and reasons why they might be just
right for you:
You’re Flipping a Home
Because they are short-term loans used until permanent financing can be
secured, bridge loans are usually quick to obtain.
You’re Acquiring Land or An Existing Structure
Bridge financing can promptly provide the necessary funds to secure a building or
buildable land while you find a buyer.
You Need To Finance A New Construction Project
When beginning a new construction project, funds can easily become insufficient;
bridge loans can help provide capital quickly.
Mansby Capital is one of the most reputable bridge lenders serving builders and real estate investors in and around Fairfield, New Haven, and Middlesex county, CT. We proudly offer expert services in land acquisition, multifamily acquisition, new construction, and rehabs.