BEP Quick Close Bridge Loans in the News
There are many situations where borrowers need financing in a hurry, and quick-close bridge loans are just the ticket for meeting those goals.
Boulder Equity Partners LLC offers bridge loan programs that can close in as little as 3 weeks or less. But just because these loans close fast doesn’t mean they are not complicated.
In our latest article Quick Deal Saver featured in the September 2024 edition of Scotsman Guide Commercial, we offer borrowers and brokers guidance on navigating quick-close bridge loans.
In the article, we lay the groundwork for a successful quick-close bridge loan. We explain the relationship between interest rates and speed of funding. We encourage borrowers to run interest payment calculations and compare that to potential income opportunities to determine if a bridge loan is the best option for their needs.
We discuss how bridge financing impacts LTV requirements, the importance of accurate property valuation, and what documentation a borrower should have on hand to keep the underwriting process flowing.
The article also details how brokers can carry some of the load by prequalifying borrowers and preparing for contingencies. For instance, running a DSCR calculation ahead of time can streamline the approval process. Being prepared to offer cross-collateralization can overcome a disappointing property valuation while keeping the closing on track.
An exit plan is an essential component in bridge loans, and we discuss the importance of running those numbers in advance to assure the lender that the bridge loan request is viable.
And we also introduce a secret weapon when it comes to preventing quick-close loans from derailing —choosing the right title agent. Title companies are not all the same, and choosing the wrong company can kill the deal mere hours before it was set to close.
As you will learn from reading the full text of the article, keeping a bridge loan on track for a quick close comes down to one simple thing: eliminating as many variables as possible.
For more information, please see our post From Crisis to Quick Close.
Boulder Equity Partners LLC is a nationwide lender for commercial real estate offering a wide range of loan programs including construction loans, perm loans, and bridge loans that can be migrated to perm loans.