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.
Cape Coral, FL
Laguna Niguel, CA
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.
Jeremiah can answer all of my questions, so pleasant to deal with, hard-working, kept me informed and in the loop at every step.