When is Hard Money or Bridge Loan Appropriate?
You can secure a hard money or bridge loan for almost any property type, including:
- Residential investment properties
- Multi-family properties
- Commercial real estate
- Industrial real estate
Hard money loans can be used when the loan is needed within a short time or when banks are simply not an option. If you have a good credit, a stable income history, have the time for the lengthy approval process, and you haven’t been involved in a foreclosure or short sale, conventional borrowing may be a better option for you. Hard money loans are ideal for situations such as:
- Fix and flips or rehabbing a home
- Land and construction loans
- If credit issues are present
- Quick money for property purchase
- Emergency business capital
