Here’s a hypothetical scenario: you’ve found a lucrative multifamily property but you currently lack the funds to transition ownership within the timeframe requested by the seller. On top of that, your options when it comes to financing are limited due to whatever reason.
A number of investors have had to let these investment opportunities disappear because they were ignorant of their alternative financing options. There is a silver lining however. These opportunities do not have to pass you by just because you can’t scrounge up the financing by the time someone else says you should.
We’ve extensively discussed bridge loans as a useful interim financing option, and they can work very well for a multifamily property while you’re busy ironing out a permanent loan solution. They may carry higher interest rates, but having to pay more up front should not be the concern as much as the long-term profit you can potentially generate on that lucrative investment.
Do you have a few issues with your credit, a lack of consistent cash flow, or do you need to close in as little time as possible? These are all worthwhile reasons to consider a multifamily bridge loan as they overlook delays and address borrowing ability challenges.
This update is provided to you by Park West Capital. We have over a decade of experience specializing in real estate financing and commercial lending opportunities. We have assisted numerous clients with growing their real estate portfolios and providing the funding resources. We firmly believe in accountability, excellence, integrity, entrepreneurship, and teamwork. Contact us at 888.808.9417 to learn more about how we can professionally assist you with your investing needs or fill out our hard money loan application and we’ll get in touch with you.