When you just cant wait around for the bank…
When surety of execution is most important or when time & opportunity cost out-way slightly higher financing costs – Bridge Lending is the correct path.
While banks scrutinize your past, present, and future at nauseam; bridge lenders know the importance of speed and understand real world situations don’t always fit in a tidy little box. Your credit score and ability to repay the loan are still important, but a good story and commonsense underwriting still help with your approval.
Kastali has numerous direct relationships with wholesale lenders and private offices offering expedited underwriting for normally challenging scenarios offering terms ranging from 12-24mo and up to 30 years depending on the property type and borrower’s needs.
Typical Bridge Loan Strategies Include:
- Need to close quickly
- Limited Income Documentation
- Damaged Credit with a good history
- Non-Seasoned properties
- Value-Add – Commercial
- Underperforming Properties
- Needs minor repairs
- Doesn’t quite fit at the bank
- Strong Resume & Sponsor Liquidity
- Recapitalize trapped equity
Bridge Loans We Typically Do By Volume:
We can close bridge loans in as little as 3 to 4 weeks, typically within 30-45 days after full application is submitted.
No, you will need to close with an Entity. You can either create one for the transaction or use a current Entity you already own.
You may need Hard Money, typically bridge lenders expect to see at least marginal credit. FICO requirements typically 620+
Again, depending on the circumstances and what your trying to do, we have lenders who understand good people make bad decisions.
Yes, typically all bridge lenders will charge a Due-Diligence retainer or Underwriting fee for their time. This amount will vary depending on the size and complexity of your request.