| When To Consider a Bridge Loan
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| | Generally involves less paperwork
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| As the name indicates, a lender offers
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| | Gives you extra time while waiting on a
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| bridge loans in order to create a
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| | specific condition/situation
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| financial "bridge" to get the borrower
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| | Provides a convenient means for a seller
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| from one transaction to the next. A
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| | to purchase a new property before selling
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| bridge loan is meant to be a shorter term
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| | an existing proptery
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| loan that is used for interim financing
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| | Cons
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| while waiting for another transaction or
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| | Interest rates are usually somewhat
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| situation to occur. A bridge loan can
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| | higher than a traditional long term loan,
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| take care of short term needs while
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| | but can still be quite competitive
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| looking for the ideal long term solution.
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| | Not designed for long term needs
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| A bridge loan is often used to purchase
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| | Does It Matter if My Lender is a Member
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| commercial or foreclosure real estate,
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| | of the Mortgage Bankers Association of
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| enabling the borrower to close on a
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| | America?
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| property quickly. Often borrowers utilize
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| | The Mortgage Bankers Association (MBA) is
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| a bridge loan until:
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| | a national association for professionals
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| A property is sold
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| | in the real estate finance industry,
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| A property is improved or completed
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| | which promotes fair and ethical lending
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| A property can be refinanced
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| | practices and fosters the professional
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| Credit improves or financial situation
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| | excellence of real estate financial
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| changes
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| | employees.
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| A business has resumed or improved, or
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| | When you need a loan, it is a good idea
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| changed in a specific way that allows for
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| | to select a lender who is a member of the
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| a more permanent financing option
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| | MBA. This helps protect you against
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| What Are the Benefits of a Bridge Loan?
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| | fraudulent practices and unethical
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| Bridge loans also known as "Swing Loans",
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| | companies. The MBA is headquartered in
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| "Interim Financing" or "Gap Financing"
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| | Washington, D.C., and invests in
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| are generally quick, and usually require
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| | communities across the nation by focusing
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| less paperwork than a long term loan. A
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| | on improving the quality of residential
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| bridge loan can allows you to make a
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| | and commercial real estate markets.
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| competitive offer on a property without a
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| | Lenders who are members of the
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| contingency clause. Whether you need a
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| | organization receive frequent market
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| loan fast, or just need a temporary loan
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| | updates, educational training
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| while closing on another loan, a bridge
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| | opportunities, and other useful
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| loan can be very helpful and financially
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| | information that can enable them to give
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| sound solution.
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| | clients the lowest possible interest
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| Pros
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| | rates, and exceptional service.
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| Designed to be fast and easy
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