Idaho bridge loans are written by a variety of lenders willing to help borrowers meet short term financial needs. In addition to our hard money loans, we also write bridge loans for some of our clients. Most of our loans go to property investors looking to add new properties to their portfolios.
A question we often hear in our industry goes something like this: what are the average rates and fees on an Idaho bridge loan? Needless to say, answering the question is a lot harder than asking it. Rates and fees are highly subjective and directly related to how a particular lender does business.
From our perspective, rates and fees are just one small part of the equation. It is important to look at a bridge loan with a big-picture view. Look at rates and fees, but also look at other things as well. Consider terms, LTVs, documentation requirements, approval criteria, etc.
Different Loans From Different Lenders
As previously stated, we make bridge loans available to Idaho investors with short-term needs. But unlike hard money loans, bridge loans are not exclusive to hard money lenders. Idaho bridge loans are offered by:
- Banks and credit unions
- Non-qualified mortgage lenders
- A variety of private lenders
From the borrower’s perspective, making the most of a bridge loan begins with understanding the best type of lender to work with. Real estate investors are usually best served by hard money lenders like Actium Lending. We can do things that more traditional lenders cannot.
Get to Closing Faster
One of the things we hard money lenders are known for is speed. Simply put, we can get you to closing faster than a traditional lender. How do we do it? Through a simplified and streamlined underwriting process.
Private loans from hard money lenders are asset-based loans. So whether you are borrowing hard money or asking for a bridge loan, the most important underwriting criteria for us is the value of your collateral. Lending on an asset-based model eliminates a lot of the underwriting work a traditional lender normally does. This allows us to move faster. In most cases, we can get from approval to closing in a matter of days.
A Few Reminders About Bridge Loans
A few reminders about Idaho bridge loans are in order before we close this post. First and foremost, each lender has its own standards, procedures, and benchmarks for lending. That’s why it is impossible for us to provide average rates and fees in a blog post of this nature. Ultimately, every borrower and lender need to work out a loan agreement between themselves.
Second, bridge loans from hard money lenders still share some similarities with traditional loans. For example, borrowers still need to bring a down payment to the table. LTV (loan-to-value) ratios are still in play.
Third, bridge loans are short-term loans by design. They are intended to be a temporary means of financing that bridges the gap between immediate needs and future revenue sources. So anyone hoping to obtain a bridge loan should plan on a comparatively short term.
Contact Us Today
Actium Lending is proud to be a hard money lender offering bridge loans in Idaho. If you are in need of temporary financing to bridge a financial gap, contact us. Let us know exactly what you are working on and what you’re thinking about in terms of funding.
If we can help, you will find that the entire process is fast, easy, and straightforward. We can have you funded and on your way in no time at all.
