How Fast Can You Close With a Bridge Loan?
Do you need a quick infusion of cash? A bridge loan might be the solution to your financing needs.
Bridge loans are not like a traditional 30-year loan. In fact, bridge loans come with more flexibility, more leniency in the qualification process, and quick turnaround times.
What is a Bridge Loan?
A bridge loan is a form of short-term financing designed to fill the gap between required funding and available cash. Property owners commonly use bridge loans to finance a new real estate opportunity before their existing property sells. In this case, a bridge loan is able to provide the quick infusion of cash to secure their next investment property.
Once their existing property sells, they use the excess cash to pay off the bridge loan. This makes a term of 12 months and higher interest rates common for bridge loans.
What is the Typical Turnaround Time on Bridge Loans?
Unlike traditional lenders, Wilshire Quinn Capital focuses more on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of months. Our streamlined process allows for approval within 24 hours and funding typically in 5-7 business days.
Loans are made or arranged by Wilshire Quinn Income Fund, LLC (the “Fund”) pursuant to California Finance Lenders Law license #603J060. The information contained in this message is for informational purposes only and is meant to provide general background information on the Fund and its manager, Wilshire Quinn Capital, Inc. (the “Manager”). Any and all information herein is deemed reliable but is not guaranteed.
How Can You Expedite the Process?
There are ways you can expedite the closing process of your bridge loan. First, before you reach out to a bridge loan lender, you should have the specifics of your bridge loan worked out. This could be the amount of equity you need to pull out of your existing property or the investment property being purchased.
Another way to expedite the bridge loan process is to have all of your paperwork together in advance. Depending on the loan and property type the required documentation will vary slightly. In general, typical items to have prepared are recent bank statements, tax returns, estimated credit score, and a completed loan application.
Next Steps
Each bridge loan lender will have slightly different turnaround times. This is why it’s important that you work with a reputable lender, like our team at Wilshire Quinn Capital.
We have perfected our bridge loan underwriting processes, ensuring timeliness each step of the way. For more information on your specific loan situation, reach out to schedule a free consultation.
- Funding typically in 5-7 business days
Loan Amounts from $200,000 to $20,000,000
Interest Rates from 7.5% to 11%
Loan Term: 3 – 24 months
Commercial & Residential (non-owner occupied) Real Estate
- Purchase, Refinance, Cash-out Refinance, Rehab, Blanket Loans
Foreign National Loans Available
About Wilshire Quinn
Wilshire Quinn is a San Diego hard money lender focused on short term bridge loans, secured by first trust deeds. The company is based in San Diego, CA with offices in Los Angeles and San Francisco. Wilshire Quinn typically funds loans for their customers in 5-7 days. Their successful track record is closely linked to their ability to make immediate lending decisions based on their highly disciplined underwriting approach. The company funds a variety of loans such as: refinance, purchase, blanket, rehab loans, 1031 exchange, partnership buyouts, and more. They originate hard money loans ranging from $200,000 – $20,000,000. Wilshire Quinn works with commercial and residential buyers nationwide.
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