How do I get approved for a loan?
Getting a loan from BridgeWell is Super Easy and Super Fast. You can apply online, over the phone, or by fax. The application takes just a few minutes. When we receive your application, your loan request will be assigned to a Loan Services Coordinator. Your personal BridgeWell Service Associate will then contact you promptly. They will answer questions, keep you updated, and provide you with friendly, professional service from application through closing.
How long does it take to get a loan?
We commonly close loans for residential investment properties in as little as 10 days from application to closing.
What is a private money loan?
In the real estate financial industry, private money refers to the funds an individual lends to real estate entrepreneurs to fund their deals in exchange of a return on their investment. Private money lending is a win-win transaction that allows real estate entrepreneurs to close their deals while generating returns for investors. Find out more about private money.
What is a hard money loan?
Although it is commonly used interchangeably with private money, hard money refers to money borrowed at high points and interest rates. Financial institutions and private individuals can originate both hard money and private money loans, but it is up to the lender to decide the loan terms. Find out more about hard money.
What type of properties do we lend on?
We loan on detached residential, non-owner occupied properties (1 to 4 units) and commercial properties including (but not limited to): apartments, retail spaces and mixed-use buildings. We do not currently loan on mobile or manufactured homes, gas stations, strip malls or new construction projects.
Where do we loan?
We loan throughout Florida, Georgia, South Carolina, North Carolina, Virginia, West Virginia, Maryland, Pennsylvania, Connecticut, Massachusetts, Maine, New York, Ohio, Kentucky, Tennessee, Arkansas, Missouri, Illinois, Indiana, Michigan, Wisconsin, Iowa, Nebraska, Kansas, Oklahoma, Texas, New Mexico, Colorado, Wyoming, Idaho and Washington but we can also lend in other states as requested.
What is the minimum and maximum loan amount?
Our minimum loan amount is $50K and the maximum loan amount is $5MM
How long are our terms?
Our loan terms are between 2 to 30 years, depending on the loan program.
How do we approve our loans?
We approve loans based on your ability to succeed with your real estate investment project. We look for 3 components in every loan we approve. We call it “BEE” approved by BridgeWell.
BEE stands for:
- Benefit: BridgeWell is committed to WIN-WIN business transactions. The first thing we look for is “benefit” to the Real Estate Investor. We only fund loans where we clearly see substantial benefit to the borrower.
- Equity: We want our Customers to have solid equity in their investment projects right from the beginning. One of the keys to successful real estate investing is making a great buy on a solid property.
- Exit: Successful investment projects typically require a workable exit strategy. This may be a prompt re-sale plan for a “buy-fix-sell” project or conventional refinance (or cash pay-out) plan for “buy & hold” projects. A well-planned, realistic exit strategy is a key component of all successful real estate investment projects.
What is the minimum down payment?
Minimum down payments are 15% of the Total Project Cost (“TPC”) plus closing costs. TPC includes purchase price and rehab costs.
What is the maximum Loan to Value (“LTV”)?
Our maximum LTV can range from 60% to 75% of the After Repaired Value (“ARV”) based on the loan program.
How do we determine ARV?
The ARV is estimated by averaging recent comparable sales in the immediate neighborhood. We typically utilize comparable sales that are arms-length transactions with conventional financing, not foreclosures, short sales, or other distressed sales.
What is the cost of our loans?
Our loan pricing is fair and comparable or less than most lenders in our industry. Exact pricing will be quoted up-front after we determine the specific loan program and details of the loan you need. We charge one simple origination fee (NO junk fees, hidden closing costs, or middleman fees). Once you complete our easy on-line application, a Loan Services Coordinator will call you promptly with a price quote and answer any of your questions.
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