Bridge loans are very simple loans that you can use in between the purchase of two different properties. You might need one of these loans because you are going to have to pay for your old house before you sell it because you already moved into a new house. The same could be said for an office building or a warehouse, and these simple loans can give you the money you need to pay for that second structure until it is sold and you can pay off the loan.
1. Who Offers Bridge Loans?
Clopton Capital and several similar companies offer bridge loans because they want to give their customers as many options as possible for all their different financial needs. The company that the people work with can make it much easier on them by giving them a preferred rate on their loan. These loans are very easy for people to pay off because they are getting lower rates and do not plan to hold onto these loans for that long.
2. When Do You Apply?
You can apply for the loan at any time even if you think that you need it in the future. You have to be sure that you have taken a look at the loans that you can get, and you should choose a loan that you can start up the moment one building sells and you are still stuck paying for the other. You get immediate action out of the loan, and you can prevent any problems from occurring between you and the other bank.
3. How Much Can You Take Out?
You can take out the exact amount of money you need for the loan payments that are still coming up. You must let the lender know how much time you need to sell your other structure, and they will give you a loan that covers that amount of time. You need to think big picture because there are times when these spaces just do not sell. You want to have enough money to work with, and you have to be sure that you have asked the company for a loan that will match up with the amount of time you need. There are some longer term loans that have better prices, and you will save money because you have invested in the right loan at the right time.
4. Who Needs These Loans?
Anyone who is in between buildings needs to get one of these loans because they will find that the loan can pay for anything that happens between the sale of both buildings. They can get a loan that makes it easier for them to save money, and they the business owner can get a bridge loan for both their house and their office if they are moving to a new location along with their family.
The best part of these bridge loans is that they can be handled quickly so that you are never left wondering fi you can make that next mortgage payment.