Long-Term Bridge Financing in Ohio
Are you a real estate investor or house flipper? This can be an effective way to add additional streams of income, but every once in a while, you might hit a snag while waiting for loan approval.
Residential One LTD wants to help buyers and investors find their perfect property, and we understand how annoying it can be to wait for approval for a new loan while you clear up existing financial obligations. We offer long-term bridge loans so that buyers in Ohio can get the financing they need without having to wait.
What Is a Bridge Loan?
Because most people don’t have the liquid assets to purchase a home or property with cash, homebuyers, real estate investors, and house flippers use mortgage loans to purchase homes. Getting approved for a mortgage can take time, or you may be waiting for another property to sell. Long-term bridge financing allows you to purchase another property while you wait.
This can be the perfect solution if you plan to fix and flip a home because the sale can generate enough profit for you to pay back your other obligations — a unique benefit that homebuyers may not have access to.
A bridge loan also gives you the opportunity to purchase a property without having to sell another property, which can be an effective tool if you are juggling multiple projects.
You will need to cover closing costs and origination fees, as you would with other loan types, so make sure to take these into consideration when applying for bridge financing.
Who Is Residential One LTD?
As the real estate market has changed over the last several years, Residential One LTD has been there to steer asset-based lending in a positive direction. We want to help our customers find the properties and projects they are looking for, so call us today to speak with a lending consultant. Call (844) 577-7175.