Who are Bridge Loans Suited For?
Our bridge loan program is for seasoned investors who need a bridge loan to close quickly on a property.
Property Types We Bridge
We lend on single-family residence, 2 to 4 units, townhomes, planned unit developments (PUDs), or condominiums. All properties must be non-owner occupied. Foreign nationals are subject to a reduced loan to cost (LTC) and loan to value (LTV) thresholds.
How do Bridge Loans Work?
We fund into LLC’s with borrowers who have completed at least 1 property in the past 12 months. Underwriting is based on predicate experience, credit, background, and capital liquidity. Our focus is to understand your business.
We require a minimum score of 650+ and a $150,000 loan amount. All of our loans are serviced and underwritten in-house, making for a 7-10 business days funding time. Once you have filled out an application and been pre-qualified for your loan you will need to provide specific documentation.
Bridge Program Criteria
To get a Bridge Loan started you will need:
- A minimum of 1 stabilized property in the last 12 months
- A 650+ minimum score
- $150,000 – $2,500,000+ non-owner occupied property
- 2 months of recent bank statements
- Score and background check
- Must be rent ready
- Up to 75% LTV
- Rates starting at 6.24%
- 6 to 60 month flexible terms
- Prepayment penalties may apply
States We Lend
- North Carolina
Looking for lending in a state not listed? We do lend in other states on a case by case scenario. Give us a call to see what we can do for you.
Fort Lauderdale, FL
Cape Coral, FL
Laguna Niguel, CA
Jeremiah can answer all of my questions, so pleasant to deal with, hard-working, kept me informed and in the loop at every step.
There is no way I would have been able to close on my purchase in the time I did if it wasn’t for Center Street’s rapid funding. They were quick and efficient right down to every detail.
I appreciate how professional the staff at Center Street has been. Even when things got a bit difficult, as they do during rehab projects, it was always a pleasure to speak with everybody at the office.