Long-term
Bridge Loan
This is an asset-based, 30 year loan with a standard PITI payment. Benefits range from not having the pressure of a sudden balloon payment coming up, getting as high as 75% LTV on a cashout or being restricted by a Debt-Service Coverage Ratio (though in some really specific cases might apply). This program is a great option for borrowers that still want to qualify with a less-than-ideal FICO score as well.
Standard Loan Terms
‣ Max Loan Amount: $5,000,000
‣ Max LTV (Loan to Value): 75%
‣ Rate: Starting at 9%
‣ Loan Term: 30 years
‣ Payment: PITI
‣ Prepayment penalty: 5 years (with option to buy it down)
‣ No minimum credit score required
‣ Closing time: 3 to 4 weeks on average
‣ Second liens are permitted
Standard Requirements
‣ Credit Application filled and signed
‣ Last 2 bank statements (Of an US bank account)
‣ Copy of ID
‣ Copy of Borrowing Entity documents
‣ Purchase Contract (If the loan entails purchase)
‣ Property Insurance