You are a real estate investor looking at the best deal you have seen in a long time. You think you can
pull it off with the right bridge loan. Now it’s time to start looking at lenders. You know of at least one
bank that has expressed interest in working with you. You have also done business with a few private
lenders. Finally, there is the hard money option.
Actium Partners deal in just these sorts of things in Salt Lake City and throughout Utah. Furthermore, we
are confident we offer several advantages over banks and standard private lenders. But that’s ultimately
up to you to decide. Just do yourself a favor and consider the following four points as you shop around
for a bridge loan:

1. Rates and Fees
   Every lender charges interest along with a number of fees required to fund and close. You know enough
   to look into this. You have also done this long enough to know that just one percentage point can make
   a significant difference. Just don’t make the mistake of believing it doesn’t matter all that much with
   bridge loans because terms are so short. It does matter.
   It makes no sense to pay more than you have to. Even if it’s just a half or quarter point, why would you
   voluntarily make the cost of borrowing more expensive than it has to be? You are a smart investor.
   Make a little extra money by not spending so much on a bridge loan.
2. Documentation Requirements
   It is a myth that hard money lenders do not require documentation. We do. It’s just that our document
   requirements tend to be significantly less burdensome compared to banks and standard private lenders.
   We can manage with less documentation because loan approval is based mainly on the value of your
   collateral. Bring us a strong piece of collateral and your chances are good.
   On the other hand, expect a bank or standard private lender to require a lot more. Be prepared to
   submit tax records, business records, and more. Also be prepared for ongoing document requests during
   the underwriting process.
3. Funding Speed
   Maybe the deal you are looking at has already garnered quite a bit of interest. Are you competing with
   other investors? If so, time is of the essence. You need a lender to fund your bridge loan in a matter of
   days. Forget weeks or months; you don’t have that much time.
   If you’ve been in the real estate business long enough to have completed at least a few deals, you
   probably know just how slow banks are. Standard private lenders may be faster, but there are no
   guarantees. Hard money lenders are different. Due to the way our business is structured, we can get
   things done quickly.
   There has been more than one occasion when Actium Partners needed to fund a bridge loan within 24to 48 hours. Though doing so often means extra work for us, we are glad to accommodate clients when
   circumstances dictate. Suffice it to say that we can fund loans faster than other lenders.
4. Loan Flexibility
   Finally, do not forget to consider loan flexibility. You may have a special need that a bank or standard
   private lender can’t meet. Guess what? Hard money lenders specialize in flexibility. We can structure
   loans in ways that meet most needs.
   You have choices when it comes to finding bridge loans. Next time you need a loan, consider the four
   things discussed in this post. You just might find that hard money is your best bet