In Bridge Loans by Gelt Financial | Commercial Bridge Loans – Explained the video discusses bridge financing, which is a short-term loan used for two purposes: to make money, such as by buying a property to fix up and resell, or to get out of trouble, such as when a property is in foreclosure. Bridge loans can have various features and benefits, such as no income verification or no appraisals, and Gelt Financial is a provider of bridge financing with decades of experience lending out hundreds of millions of dollars:
Hello, this is Jack Miller at Gelt Financial. I really appreciate your time talking about a great subject. Gelt has been a provider of bridge financing for literally decades. I don’t even know how much we’ve lent out in bridge financing, but definitely in the hundreds of millions of dollars. So, what is bridge financing? People always ask and get confused. Really, bridge is a short-term financing. It’s generally used for one of two reasons. One is to make money. Maybe you’re buying something that is a value-add play that you have to buy cheap, and you’re going to fix it up and resell it. So, you’re going to take bridge financing or short-term financing to guide you through that period. And then when it’s repositioned and it’s fixed up, you’re going to refinance it, usually at higher leverage but often not. So, bridge financing lets you borrow money for a relatively short term to accomplish your goal. Again, it’s either to make money in the example I gave or buy a note at a discounted value. You can do that, but sometimes it’s to get you out of trouble. Maybe a property is in sheriff sale or foreclosure, or you’re behind on your loan and you need a bridge debt or bridge financing to get you out of trouble. We will lend you the money on that too. So, bridge is sort of a generic term. We do bridge on no income verification. Bridge can be a hard money bridge, it can be a non-recourse bridge, it can have no appraisals. There are all kinds of features and benefits to a bridge loan, but a bridge loan is essentially a short-term loan. You’re usually either going to make money or get yourself out of trouble with it. We love bridge loans. We do them all over the country.
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Category: Loan Programs
