A bridge loan is a short-term loan used in both commercial and residential real estate. Homebuyers sometimes take out bridge loans, which will give them the money to help them buy a new home, investment property or commercial building. Bridge loans are typically used until a person or company either secures permanent financing with a traditional lender or removes the obligation through the sale of the property. Bridge loans generally have higher interest rates than conventional or bank loans, and are written for shorter periods of time.
Wilshire Quinn is a direct private money lender specializing in bridge loans. Closing times average 5-7 days for a bridge loan with Wilshire Quinn.
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