Are you searching for “Bridge Loans Tempe”, while searching for short-term loans to cover the interval between selling your home and buying another? If so, Brad Loans by eMortgage can help!
We can help no matter exactly what type of loan you are considering, whether it be a loan for residential real estate, commercial real estate, new construction, land, a rehab loan or a bridge loan, Brad Loans by eMortgage has you covered. At Brad Loans we provide hard money loans/bridge loans to cover the gap while you are waiting on loans from another source or a bank approved loan.
We offer residential bridge loans and commercial bridge loans in Phoenix, Arizona. Read more about our loan offerings below.
The Definition of a Bridge Loan
What precisely is a Bridge Loan? “A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short term, up to one year, with relatively high interest rates and are usually backed by some form of collateral such as real estate or inventory.” Investopedia
How Do I Apply For A Bridge Loan?
In order for you to apply for a bridge loan, you first must fill out our bridge loan application here or give us a call at (602) 999-9499 and speak with one of our bridge loan officers.
How Do I Qualify For A Bridge Loan?
Are you looking to qualify for a bridge or hard money loan? In the past have you had a Foreclosure? Are you a Non-United States Citizen? Have you had a Short Sale? Discharged Bankruptcy? No “Established Credit”… That will not be a Problem! Brad Loans is Arizona’s premier ‘no credit’ or ‘bad credit’ bridge loan lender and is ready and willing to service all of your lending requirements! Read more about how to qualify for a hard money loan here.
Residential & Commercial Real Estate Bridge Loans
Bridge loans are used in the residential and commercial real estate market to cover the difference or gap between the selling of one property and the purchase of another. Take a look at our loan programs and the loan rates we offer. You can also use a bridge loan calculator to find out how much you can anticipate to pay.
The Differences between a Traditional Loan Vs. Bridge Loan
Traditional loans usually have a slow application process that requires almost perfect credit, and has a longer approval process. Unlike a traditional loan, Bridge loans have a fast application, fast approval and funding process. However, bridge loans typically come with larger introduction fees, higher interest rates and shorter loan terms. However, borrowers usually accept these terms due to the necessity of convenient access to money quickly. Borrowers pay higher interest rates due to the fact that the loan is short term and usually plan to pay the loan off fast.
Here is an Example Of Bridge Loan Use
If Maria finds a new home that she wants to buy but hasn’t sold her current home yet, she can apply for a bridge loan that will be secured by her current home. This loan can be used as a down payment for the home she actually wants to purchase. When her old home is sold, some of the money from the sale can be used for paying off the bridge loan financing contract.
Benefits Of Bridge Loans
- Bridges The Gap Between Selling A Home & Buying Another One
- Short Term Payback Alternatives
- Choose Your Repayment Alternatives
- Can Choose To Repay Before or After Long-Lasting Financing
- Consistently Making Payments On Time Can Greatly Increase Your Credit Granting You To Qualify For Longer Term Loans
Fill Out A Bridge Loan Application Today
5 Star Review: “Brad Loans is the way to go. Easy – FAST and Friendly. I have taken 2 home loans out with Brad and both experiences were wonderful. Thank you Brad and Amber!” Desert Wide Properties.
If you would like to see if you qualify for a bridge loan, fill out our loan application today or give us a call at (602) 999-9499 to speak with our bridge loan officers.
Telephone No.602-999-9499
