Bridge loans are short-term loans, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing.
Standard Loan Terms
- Max Loan Amount: $10,000,000
- Max LTV (Loan to Value): 75%
- Rate: 7.5%-8.99%
- Term of loan: 12-24 months
- Payments: Monthly Interest Payments with
Balloon at Maturity
- Prepayment penalty: None
Standard Closing Costs
- Origination Fee: 1-2%
- Underwriting Fee: $1,500
- Legal: $750 – $1,500
- Appraisal Fee: $500-$950
- Title Insurance and recording fees: 1%
- Single-family residences.
- Two to four units.
- Multifamily homes.
- Other property types case by case
- Credit Application
- Last 2 bank statements (US bank account)
- Copy of ID and Borrowing Entity docs
- Purchase Contract (If Purchase)
- Property Insurance
Standard Closing Time
- The Usual Time to Close is 5-10 days.
RBI Mortgages is a direct lender and does not rely on other institutions to
close the loans. Once the title work and appraisal are ready, We will be too!