25 Nov 3 Reasons Why Should Get a Bridge Loan
It’s not uncommon for people to oversimply the amount of hard work and effort that goes into launching a business venture. To some potential entrepreneurs, the only thing that stands between them and their dreams is a bank loan to get everything started. However, it’s rarely that simple. Depending on the industry you’re trying to enter, getting a loan from a traditional lender can be all but impossible. Bridge loans are the perfect method to get funding for certain kinds of business ventures. However, not all bridge loans are equal, and business owners must make a smart decision when choosing a funding partner. Here are three reasons why you should get a bridge loan through Nelson Financing.
Fast Loan Approval
When a business venture is delayed due to a lack of funds, entrepreneurs want to get the money they need as quickly as possible. This desire is even stronger when a project is stuck in a holding pattern until a lender can be found. Because bridge loans are typically used for projects that traditional lenders are wary of, they can take more time to get approved. One of the benefits of working with Nelson Financing is that we can offer fast loan approvals for owners who need bridge loans. Thanks to the number of lenders we work with, we can typically get a bridge loan approved within 10 days. Rather than wait months to continue a project, Nelson Financing can get entrepreneurs the money they need within two weeks.
Loans Available for a Wide Range of Industries
By their nature, bridge load lenders deal with industries and situations that are deemed too risky for major lenders. Some banks and lending institutions prefer to work in deals where it’s easier to achieve success. However, that way the hurts many business owners who are willing to take a chance on revitalization and improvement projects. Nelson Financing fills the need for funding by providing loads for situations like refinances, purchasing, bank turn-downs, vacant properties, distressed properties, and more. Some examples include projects for multifamily housing, flagged or boutique hospitality ventures, office space, commercial retail, student housing, senior living, and other business ventures.
Generous Loan Amounts with Better than Average Lending Parameters
Just because bridge loans are for enterprises that aren’t readily served by traditional lenders, it doesn’t mean that the loan amounts are small. With Nelson Funding, you can get a loan for a little as $1,000,000 to amounts over $250,000,000. With access to this level of financing, business owners can take care of any project they want to complete. Even the interest rates are reasonable. The interest rates for these loans can range from 4.99%-9.99%. It’s also easy to apply. You can apply online, and it doesn’t require an obscene amount of paperwork. We only require nine documents (which the entrepreneur already has) to get prospective terms for a bridge loan. All we need is the Profit and Loss Statement for the last two years, a Personal Financial Statement, an Operating Agreement/By-Laws, a Purchase Sales Agreement/Real Estate Purchase Contract (if a purchase), a Hud-1 (if purchased within the last three years), four Color Photos or an Old Appraisal, a Rent Roll (if applicable), a List of Improvements Made/Required, and a Resume/Background of Principal(s).
At Nelson Financing, we make it easy and affordable to get the bridge loan you need to move your business forward. Send us a message online if you have any questions about getting a bridge loan, or you’re ready to get the process started.