Why Use Lantzman Lending For Bridge Loans?
We are Lantzman Lending, a provider of direct bridge loans in Orange County, CA. We pride ourselves in being a quick and reliable financing source for 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?
Also known as interim financing, gap financing, or swing loans, bridge loans bridge the gap during times when financing is needed but not yet available. A bridge loan can help a homeowner purchase a new home while they wait for their current home to sell. Borrowers use the equity in their current home for the down payment on the purchase of a new home. This happens while they wait for their current home to sell. This gives the homeowner some extra time and, therefore, some peace of mind while they wait.
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. Both corporations and individuals use bridge loans and our lenders can customize these loans for many different situations. Apply online or call us today to get started.
When is a bridge loan useful?
There are many scenarios where a bridge loan makes a lot of financial sense. If you’re unable to acquire a conventional loan, a bridge loan let’s you use assets as collateral for a loan until a lower rate loan can be secured. 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. In a bridge loan scenario, lending is mostly based on the property value 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.
Lantzman Lending offers the following loans to real estate investors:
How do you get a bridge loan in Orange County, California?
With over 30 years of experience, we keenly understand the specific needs of the market in Orange County. As the third most populous county in California, this area has an exceptional demand for housing but it also has one of the highest costs of living, which makes home ownership difficult for many. With a larger than usual number of potential renters everywhere from the metropolitan areas of Anaheim and Irvine to the beachside communities of Huntington Beach, Newport Beach and San Clemente, that translates to a lucrative market for commercial investors.
At the same time, Orange County is a bustling tourist mecca, with some of California’s biggest attractions including Disneyland, Knott’s Berry Farm and Mission San Juan Capistrano. That makes it an ideal locale for any number of retail properties, which is why we also offer hard money construction loans to help you get your business or rental property up and running as quickly as possible.
The first step in securing a bridge loan in Orange County, 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.
You can read more about the steps to guaranteed hard money approval here.
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