Let’s say you found a really nice multifamily property that’s practically guaranteed to provide a significant return on investment. However, you find yourself in a predicament where the funds to transition ownership within the timeframe set by the seller are not currently available. For various reasons, you’re also faced with a situation where financing options are unavailable to you.
Investors often run into this problem where worthwhile investment opportunities come and go because they were unfamiliar with the opportunities presented by alternative financing. With alternative financing, these opportunities can be seized upon and you won’t need to worry about securing the financing by the time a seller insists you should.
Bridge loans can be incredibly useful if you’re seeking an interim financing solution, and they are very effective when you’re considering a multifamily property but still need to finalize details when it comes to figuring out a permanent loan option. Interest rates may be higher than what you’d expect, but higher upfront fees should not be the focus. Instead, concentrate on the long-term profit you’ll be able to generate from that lucrative investment.
Are credit issues causing you problems or are you running into trouble with consistent cash flow? Is a short closing period imperative? These reasons are among the many why a multifamily bridge loan could be a solution to overcome delays and the various challenges faced with borrowing.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at http://www.mmprivatelending.com to fill out an application form.