1) It can be difficult to understand commercial real estate bridge loans in Florida, but it’s not. Commercial real estate bridge loans are available for those who want to buy commercial real estate in Florida and need to take the time to do some tasks such as improving the property, finding tenants, or selling it.
2) These loans typically have terms between one to three years Sometimes, the bridge loan lender in Florida may allow the owner to extend the loan for up to six months. This extension usually costs between 1/2 and 2 points. This type of loan can also be referred to as a “financing link” or bridge between the purchase and development or rehab of a property, and the time before a traditional, permanent take-out loan is enacted.
3) These bridge loans can be helpful in cases where the borrower is looking to buy a commercial property and and needs time to rehab, tenant up and stabilize a property. The conventional 30year loan typically requires one year of profitable business. The bridge loan allows the borrower to purchase the property and create a solid operating history that is eligible for long-term conventional financing with the best rates and tersm.
4) Commercial bridge loans can be more expensive than permanent commercial loans. This is because commercial realty bridge loans are not designed for long-term financing. These loans are typically paid off when the property owner receives permanent financing. After new tenants have moved in, or after improvements have been made to the property, these loans are usually paid off. Prepayment penalties are not usually associated with these loans. The are however typically interest only so the faster you stabilize the property and refinance the more money you will save.
5) We can help you in securing your perfect bridge loan in Florida. We are proud to be the best bridge loan lender serving nationwide at great terms and rates. We are fast closing the Bridge Loan in Florida.