A quick update on one of my sources of bridge real estate loans for properties in California. Loan demand and investor appetite is so strong, this source is now funding deals in the range of $1 million to $15 million.While no doubt benefiting from the sub-prime market fallout, the fund is being very careful and limiting its loan to value exposure to no more than 65% down from as high as 75% back in January.
But this source isn't just for credit challenged borrowers. One of its real benefits is that it can close real estate loans in as little as seven days. A great advantage when you're about to miss on a great opportunity because your conventional lender needs 30-60 days to close.
The pricing is still very attractive for a bridge loan with rates at 9.9% fixed for 18 months for most property types with no prepayment penalties!
So if you're in need of a bridge financing real estate loan in the state of California, don't hesitate to give me a call about this funding source!
Related Tags: real estate loan, bridge loan, hard money loan, California
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