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Is a Bridge Loan Right for You?

When needing access to quick capital, it’s important to take into consideration whether a short-term bridge loan is the best option for you.  A bridge loan allows a real estate investor to take out a loan against their current property to purchase another property.

This type of loan is beneficial to both individual investors and companies looking to acquire real estate. Bridge loans have higher interest rates than traditional loans because they are usually paid off within 12 months or less, and the approval and funding process is much shorter than the traditional lending process.

The expert bridge lending team at Wilshire Quinn is going to help you answer the ever-popular question: is a bridge loan right for you? Let’s dive in.

When to Obtain a Bridge Loan

One of the most common scenarios in which individuals receive a bridge loan is when they plan on buying a new property before they’ve sold their current one. Many investors use a bridge loan to help acquire a new property.

There are several situations that could make you a good candidate for a bridge loan:

  • You intend on buying a new property, but the seller will not accept an offer that is contingent on the sale of your existing property.
  • Selling your current property is the only way you can afford the down payment on your new property.
  • You are in an ultra-competitive real estate market and you need to close quickly
  • You are in escrow to purchase a new property, but you haven’t closed on the sale of your current property.

The above scenarios apply to individual real estate investors, but there are several reasons why business owners may obtain a bridge loan as well. Business owners with sufficient equity in their real estate holdings use bridge loans to expand their business, pay business expenses, or to capitalize on real estate opportunities.

Is a Bridge Loan Right for You?
Is a Bridge Loan Right for You?

So, is a Bridge Loan Right for You?

Depending on your situation, bridge loans may not be right option. However, if you fall into any of the aforementioned categories, then you may want to consider reaching out to one of our bridge loan experts.

It’s important to keep in mind that bridge loans have higher interest rates and shorter loan terms than other types of traditional loans. The specific interest rate will vary depending on the location of your property and how much equity you have in the property, but generally bridge loan rates range from 8-12% with interest-only payments.

If you’re in need of a quick real estate loan, a bridge loan might be the ideal solution for you. Still not sure? Don’t worry, you can speak with a member of the Wilshire Quinn team to go through your specific loan scenario.

Affordable Bridge Loans in California and Nationwide

Since 2011, Wilshire Quinn has supported many different types of borrowers; from corporations looking to acquire investment properties to individual investors looking to pull cash out of a property.

Wilshire Quinn is here to help you with your short-term real estate financing needs.  Contact us today to learn more about our bridge loan lending program or to get pre-approved for a loan.

  • Funding typically in 5-7 business days
  • Loan Amounts from $200,000 to $20,000,000

  • Interest Rates from 8% to 10.5%
  • Loan Term: 3 – 24 months

  • Commercial & Residential (non-owner occupied) Real Estate

  • Purchase, Refinance, Cash-out Refinance, Rehab, Blanket Loans
  • Foreign National Loans Available

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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.

Recently Funded Hard Money Loan Transactions

San Diego hard money lender - private money lender
El Monte, CA

Loan Amount: $4,750,000
Loan Type:  Refinance
Property Type:  Industrial
Loan-To-Value: 60%
Term: 12 Months

hard-money-loan-sandiego-deal-3.16.18
San Diego, CA.

Loan Amount: $765,000
Loan Type:  Refinance
Property Type: Single Family
Loan-To-Value: 60%
Term: 12 Months

Santa Monica hard money loan
Santa Monica, CA
Newport Beach, CA

Loan Amount: $3,725,000
Loan Type:  Purchase / Rehab / Blanket
Property Type: Single Family
Loan-To-Value: 45%
Term: 12 Months

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By |February 10th, 2022|Categories: Bridge Loan|Tags: |
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