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» How to Submit A Commercial Bridge Loan Application
Every hard money commercial bridge lender has their own critiera for reviewing, approving and funding loans. However, there are some standards and commom items that are reviewed by decision makers. Whether you work with a broker or submit loans on your own, optimize your chances of getting your loan funded by making it interesting to potential lenders.
Here are some tips that will help you get past the hurdles of the initial review of your loan application:
#1
Submit photos with your initial loan application
If you are filling out at online form, send an email to the company referencing the information you put in the online form and attach photos to be reviewied at the same time as the form. Loans accompanied by photos are funded at a rate of better than 2 to 1! Pictures really are worth a thousand words. In your case, they may be worth thousands or millions of dollars in funding in a timely manner!
#2
Submit brief financials or at least a clear executive summary with the loan app. Follow the same instructions as with the photos - add them to an email and reference the information you submitted in an online form. If the lender knows that the loan makes financial sense for you, you are more likely to get to the next stage of review. Without an idea of the gross income, expenses, and net for the borrower or borrower entity, the lender is left to wonder whether the loan can be paid back. Don't leave that to the lender's imagination! Send breif, clear financials to prove that the loan makes sense.
