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06-27-2017, 09:15 PM #1
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- Join Date
- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
Bridge Financing for Real Estate Developers
Hey Funders:
Any luck with this group? These guys procure $1MM - $5MM worth of contracts from city or commercial entities and then look for bridge financing from banks. I can liquidate the invoices of course (happy to hear about low rate liquidators for city/state contracts) but coming up with the bridge capital is an issue.
Most have 650 - 800 Credit scores, are asset rich (lots of vacant land) and idle cash, but almost always have to do hard money to finance their projects. I know SBA 7a has a good program for construction loans but I have yet to find someone who underwrites this through a correspondent channel or through their own funds and deals with brokers. I have one right now who just got a development contract from the city for $1.2MM and needs to raise $1.1MM to develop low income housing in TX.
Any help/thoughts much appreciated!
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