Bridge Loans

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.

resident loans
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Standard Loan Terms

  • Max Loan Amount: $5,000,000
  • Max LTV: 70% of appraised value or Purchase price (The lowest)
  • Rate: 7.5%-8.99%
  • Term of loan: 12-24 months
  • Payments: Monthly interest payments with the balloon at maturity
  • Prepayment penalty: None
1-20

Property Types

  • Condominiums.
  • Single-family residences.
  • Two to four units.
  • Multifamily homes.
  • Townhouses.
  • Condo-Hotels.
  • Other property types case by case.
requirements

Standard Requirements:

  • Last 2 bank statements (US bank account)
  • Copy of ID and Borrowing Entity docs
  • Purchase Contract (If Purchase)
  • Property Insurance
1-21

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% (Approximate)

time

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!

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FAQ

What is the interest rate and loan term?
Usually, loan rates are 9% and 1.75% points. Loan terms are 12-36 months

What is the loan type?
Most our loans are interest only, which means a fixed interest is paid throughout the term and full balance at maturity. For example, a $100,000 with 12 months term and 9% rate will yield 12 monthly payments of $750 and a final payment of $100,000

What happens if I sell the property or prepay the loan before maturity?
In most of our loans there is no prepayment penalty.