Bridge and Hard Money Loans
Bridge and Hard Money Loans With 1st American
If you do not have enough capital to launch your company’s next big project without outside assistance, but you are playing the waiting game for your loan to go through before you can move forward, you are needlessly delaying your business. There are loans designed to help bridge the gap between when your project is approved and when your permanent funding hits your bank account. Appropriately referred to as bridge loans, they are designed to be temporary in nature; repayment plans typically range from several weeks to a couple of years, depending on the business and the project.
Bridge Versus Hard Money
Bridge and hard money loans are both short-term in nature, but there are differences between the two. A bridge loan helps facilitate a shorter wait period before you can begin work, while a hard money loan is an asset-based secured loan based on the value of a particular piece of real estate. Companies that have had difficulties acquiring other means of financing for one reason or another, or those that are in financial distress can often utilize hard money loans.
1st American Commercial Lending can help you evaluate whether a bridge or hard money loan is a viable option for your business. We rely on our extensive commercial lending experience to help guide your company toward a brighter financial future. Please contact us to learn more today!