Bridge Loans in California
We are Lantzman Lending, bridge loan lenders in California providing quick, reliable financing to real estate investors. With more than 50 years of private lending experience, we’re able to creatively tailor loan programs to fit your individual needs.
Because we are direct lenders, we have the flexibility to accommodate most scenarios with the intent of ensuring borrower success. Our loans start as low as 8% and we can turn them around in as quick as 3 days. We offer same day approval, no junk fees and a quote within 24 hours.
What is a bridge loan?
A bridge loan, also called a rehab loan or hard money loan, is short term financing used by real estate investors to purchase properties. Bridge loans are provided by private lenders for those who are unable or don’t have the time to obtain financing from conventional sources.
Real estate investors typically use the funds to fix up and sell properties for a profit or stabilize and refinance with conventional financing.
There are many advantages to bridge loans, which is why they are so popular with real estate investors. They allow you to get the money you need quickly and easily so you don’t miss any buying opportunities.
Lantzman Lending offers the following loans to real estate investors:
When is a bridge loan useful?
There are many scenarios where a bridge loan makes a lot of financial sense. If you have a short-term need for money to buy a fixer upper or make big repairs, a hard money loan is the perfect solution. If you’re buying a property sold at auction or in foreclosure, it allows you to compete against cash offers. If your credit isn’t great for one reason or another, it will be much easier to obtain a bridge loan than funding from a traditional lending institution.
Although it’s important to carefully consider whether a bridge loan is the right choice for you, the pros far outweigh the cons. Lending is mostly based on the property rather than your assets, income or credit history. So although those elements are usually taken into account, they carry far less weight than they would for a traditional bank loan.
This means you can still qualify for a loan with limited or poor credit history. You also don’t have to verify your assets to cover any costs, giving you the flexibility to use funds from a number of different sources.
Because there are fewer hurdles to jump, you can typically get your funds much quicker than you can from a traditional bank, which could mean the difference between securing that property you want and losing it to another investor.
So there are a lot of reasons why a bridge loan is a great choice for the real estate investor.
How do you get a bridge loan in California?
The first step in securing a bridge loan in California is finding the right property. You should have a system in place to find properties that private lenders will want to use as collateral. This will greatly improve your chances of securing a loan.
Next, you need to prepare your executive summary, which includes the amount of financing requested, the timeline of your project and an exit strategy. This should be clear, concise and to the point, providing all of the important information that the lender needs to make a decision.
From there, you will typically fill out a loan application and borrower authorization form. Although the decision is mostly based on the collateral as we mentioned, a private lender will still want to see your credit history and ensure that you can actually repay the loan.
Other things that you’ll need to submit are pictures of the property, comparable market analysis, scope of work and contractor bids and estimates.
It’s important to be aware that private lenders take many things into consideration when evaluating a loan for approval, including the property, your capital, your credit, cross collateralization and your experience. So do your best to excel in as many areas as you can to increase the likelihood that your loan will be approved.