Last updated: October 25, 2024
*Hard money bridge loans for turnkey properties -- strictly for real estate investors.*
A stabilized bridge loan is a short term interest-only loan for the purchase or refinance of move-in ready ("turnkey") residential real estate.
Real estate investors use stabilized bridge loans for the following reasons:
Component | Guidelines |
---|---|
Max LTV (as is) | 70% |
Max LTC | 85% (only applies if refi and owned less than 6 months) |
Interest rate | get instant quote, term sheet and pre-approval |
Points | 1.5% (loans greater than $200,000), 2% (loans less than $200,000) |
Lender fees | $1,425 (legal, doc prep, underwriting) |
Min loan amount | $75,000 |
Min credit score | 660 |
Term | 12 months (standard), 18 months (by exception) |
Eligible property types | 1-4 unit residential |
Extensions | up to 6 months (1% fee for first 3 months, 1.5% fee for second 3 months) |
Structure | interest only |
Borrowing entity | LLC, Corporation (personal name not allowed) |
Personal guarantee | Yes (does not report to personal credit or affect DTI) |