Loans Offered
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Bridge Loans
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Construction Loans
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Permanent Loans
Past Fundings...
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- $500,000
Bridge loan
Commercial land
- $2,610,000
Bridge loan
Retail building
- $600,000, Service Station Convenience Store
Tacoma, WA
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Bridge Loans for Developers and Contractors
Many builders, developers and investors require bridge loans in order
to:
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Provide
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Immediate funding for a time-sensitive transaction
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Use
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Equity from a real estate asset for use on another project
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Bridge
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A time frame, allowing the borrower the opportunity to address
and solve a problem
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Extend
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The time necessary to obtain site approvals and complete project
planning
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Refinance
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A maturing debt
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Richard Kaufman, City-Core
Development, Inc.
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"Having purchased several properties
in the past year, I can say working with Mortgage Equities,
Inc. was a pleasure. They were professional, honest,
and fulfilled their obligations with integrity. In less
than 30 days they assisted our company with the acquisition
of a major urban commercial property, securing loan
approval, documents delivered, and the note funded as
promised!"
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Bridge loans also are the answer to financing needs prior to the
time your project is ready for traditional bank financing. We use
both developed and undeveloped real estate as security for bridge
loans. We are dedicated to common sense underwriting and fast closings.
General program guidelines are:
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Lending area
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Washington, Oregon, Idaho
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Amounts
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$100,000 to $3,000,000
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Term
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6 months to 3 years
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Amortization
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30 years or interest only
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Rates and Fees
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Negotiable- Depends on term, amount, loan-to-value ratio, and collateral.
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Borrower Requirement
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- Current financial statement
- 2 years tax returns
- Credit report
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Appraisal
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May be required, although many of our bridge loans are made without appraisal reports.
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Title insurance
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ALTA Extended Title Coverage is required.
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Acceptable collateral
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Undeveloped property - Unimproved property with good road access
and utilities available to the site. Maximum collateral value of
50 to 60% of appraisal.
Developed property - Defined as a site with building improvements
in place or existing income producing property such as apartments,
industrial, office, retail, etc. Maximum collateral value of 65
to 75% of appraisal.
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Lien position
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Primary Collateral - We must have a first lien on nonresidential property.
Secondary Collateral - May be a first or second lien on a wide
variety of real estate or real estate receivables such as contracts
or deeds of trust.
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Interest Reserve
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Many of our bridge loans provide for an interest reserve to cover
monthly payments.
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Exit plan
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Borrower must have a viable exit plan to payoff the loan at maturity.
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Brokers Protected: Inquiries Welcome
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