Sometimes when you are purchasing a new piece of commercial property, you may require a bridge loan from Commercial Lending Corporation. This type of commercial program provides a short term financing solution for different situations. Bridge loans are typically underwritten for a period of ranging from as short as 6 months, up to three years. A bridge loan would allow you to quickly fund a new purchase and then have the time to find the right perm loan. Once your existing property was sold and you secured conventional financing on the new property, the bridge loan would be paid off.
Another benefit a bridge loan provides is the ability to quickly close on a property. This kind of commercial loan program often requires less documentation than traditional loan programs, so it makes it faster to secure the funds you require to complete your purchase. As a result, you are able to purchase a new property or location, even while you are working on securing alternative financing for the long term. The bridge loan programs available through Commercial Lending Corporation may include an option to extend the loan in 12 month increments once you reach the end of your initial loan term. Because of this added flexibility, you do not have to worry about losing the property, in the event you are having problems obtaining long term conventional financing.
Tagged: Commercial Lending Corporation