Oklahoma bridge loan is an immediate, short-term
loan, one to sixty months, usually made in anticipation
of intermediate or long-term financing. Pay back the bridge
when permanent financing is in place with no prepayment
"bridges" two different types of cash gaps.
The first "bridge" is a loan that institutional
banks refuse to approve. The second "bridge"
is for the individual investor or company who is between
deals and requires immediate, short-term funding until
a traditional loan is issued.
Bridge lenders only use private capital. "Loan Committees"
are comprised of one or more principals. This creates
an efficient and expeditious decision-making atmosphere
that enable lenders to quickly perform their due diligence
and fund loans as quickly as in seven business days.
An owner of a $2,600,000 office building in excellent
condition, with a good positive cash flow, needs $800,000
to pay the IRS within 15 days. He is willing to sell this
property for $800,000 down to pay off the IRS. The prospective
buyer is property rich but cash poor, and cannot raise
this amount of cash within this time period through conventional
means. To take advantage of this very narrow window of
investment opportunity, the buyer obtains the $800,000
bridge loan within 10 days to quickly secure property
title. The buyer then paid back the $850,000 within 30
days with no prepayment penalties when loans from conventional
sources came through.
Loan Amounts: $250,000 to $35,000,000 in all 50 states
and some foreign countries. Credit Ratings: Will consider
any credit rating: A+ to D, including bankruptcy. Amount
of Loan: Up to 65% of property value. Minimum Down Payment:
As little as 5% or 10% if seller carries a second mortgage.
Terms: 400 plus basis points over corresponding U.S. Treasury
index. This is subject to credit rating, location, type
and condition of property. Loan Quote: 2 business days
or less. Speed of Loan: Loans are issued as quickly as