When you are looking for a short term solution for obtaining financing on commercial real estate, you could consider a bridge loan through Commercial Lending Corporation. A bridge loan is a special type of program used for a variety of reasons. Because it is a short term solution, the kinds of documentation normally required for conventional programs are not always required. Further, this program is able to be used to close quickly on the property. For example, you might have found an attractive sale price on a building in your area and want to purchase it before another interested party buys it out from under you.
Another reason you could require a bridge loan from Commercial Lending Corporation is in times when you are restructuring your debt and want to avoid foreclosure. Since refinancing through a conventional program can take time, using a bridge loan helps get you the funds you need, now, to catch up your past due payments. It is important to remember you are responsible for making monthly payments with a bridge loan, just like other types of loan programs.
Bridge loans are only short term solutions designed to provide you with quick results. After obtaining a bridge loan, you have a set period of time to find a long term solution. The amount of time you have to secure conventional long term financing depends upon how your bridge loan was underwritten. Typically, this period can range from as little as a few weeks, up to three years.
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