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09-21-2021, 02:03 PM #1
- Join Date
- Jun 2015
- Location
- San Diego, California
- Posts
- 40
Commercial Bridge Loans for California Real Estate
North Coast Financial provides commercial bridge loans against California real estate. Commercial bridge loans are available for short-terms (12-24 months) secured by commercial property such as office buildings, mixed use, retail, and multifamily residential property (apartment buildings and other multi-unit property). Commercial bridge loans for commercial property (retail, office, mixed use, etc.) are typically limited to 60-65% of the current value of the property while residential property such as apartment buildings and other multifamily properties can go up to 70-75% of the current value of the property. Bridge loan rates are commonly in the range of 8-10%. Bridge loan rates can vary based on loan to value, property location and condition, strength of the borrower and various other factors.
Commercial bridge loans are commonly used to quickly secure commercial property when the buyer can't wait for conventional financing. In some situations, commercial bridge loans are able to close in 5-7 days if needed. Conventional lending for commercial property can take up to 2-3 months. The borrower uses the commercial bridge loan to secure the property and then they can start the refinancing process with a conventional lender.
Another common reason to obtain commercial bridge financing is the buyer needs additional time to improvement the property or bring new tenants into the building prior to refinancing with a long-term conventional lender. After the property has been improved and or stabilized, refinancing with the conventional traditional lender can begin.
Contact North Coast Financial for additional information on commercial bridge loans.
North Coast Financial, Inc.
2424 Vista Way #202
Oceanside, CA 92054
760-722-2991
jeff@northcoastfinancialinc.comLast edited by North Coast Financial; 09-21-2021 at 02:36 PM.
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