Signed Bridge Loan Agreement Made Easy

Esign bridge loan agreement

hi i'm corey dutton i'm a private money lender in the current lending environment you cannot have too many options for financing your real estate purchases most buyers are just not well versed in the types of loans that are available outside of traditional bank loans well bridge loans also called private money loans are the least known types of loans bridge loans fund so much faster than bank loans and this can make all of the difference in the world and you getting the right property at the right price a bridge loan is a good option for a buyer who wants to purchase a property quickly similar to all cash because it can fund in as quickly as three to five business days yes that's right if you want to close a bridge loan quickly here are some items you will need to close in three to five business days purchase contract provide the purchase contract to the lender if it's a purchase if it's a refinance loan and you already own the property get a payoff statement from the current lender property description you will want to provide your bridge lender with a basic property description and property photos in the property description here are some things that you should include about the property if it's a residential property include the number of bedrooms bathrooms square footage garage size lot size and the year that the property was built if you're buying an investment property that is generating rental income you want to include all of the description that i just previously said but you're also going to want to provide a statement of rental income such as a rent roll or an income statement if it is available what else do you need to close in three to five days a loan application or a personal financial statement does the lender require you to fill out a specific type of loan application if so fill out that loan application as completely as possible and send it back to the lender some bridge lenders will request a personal financial statement also called pfs rather than a loan application a personal financial statement is easy to put together if you've never completed one before so don't freak out just do an online search for template for personal financial statement and use one of the examples you find to create your own are you buying a property as an llc or a corporation get all of your business entity documents together including your articles of incorporation or your articles of formation if it's an llc and your ein number proof of insurance get with your insurance agent and be ready to provide proof of hazard insurance on the property to your lender the lender will want to be listed as what's called the mortgagee or interested insured on the policy so find out what the lender name is and the address and provide it to your insurance agent for the hazard insurance and then finally a resume or bio this is going to be for investment property purchases only a resume or bio will show the bridge lender that you have prior experience in real estate investing or that you have a background to support your ability to manage an investment property successfully some bridge lenders don't require any experience in real estate investing to approve you for a loan to purchase an investment property so sometimes a buyer or a resume bio or resume is not going to be needed well in the current lending environment guys you cannot have too many options for financing your real estate purchases so don't limit yourself to only one loan option with no other alternatives a bridge loan is a no hassle fast funding loan that you can rely on when a bank loan just isn't an option still have questions or want to learn more about bridge loans leave your comment or your email address below and we will reach out to you directly i'm corey dutton i'm a private money lender thanks for watching and if you liked what you saw here please share like and subscribe