Avatar's Blog
» Building a Hard Money Loan Package - Exit Strategy
Avatar Financial Group funds hard money commecial bridge loans for the purchase or refinance of commercial, industrial, or investment residential properties. All loans are bridge loans. The terms are one to three years. The purpose of these loans is, quite literally to "bridge" a gap between whatever circumstances exist today that prevent a borrower from seeking a conventional mortgage for the subject property and the 'curing' of those circumstances.
If you are purchasing a property and simply need to close quickly, your exit strategy may be as simple as to refinance after closing at leisure. No 'cures' will be needed; banks and conventional lenders simply take too long to take advantage of some very good property purchases. On the other hand, if your situation includes personal or corporate credit circumstances, or the property you are purchasing does not qualify for a conventional loan, you will have between one and three years (at your option) to alter these circumstances and obtain a conventional loan, refinance with another hard money lender, or sell the property, as appropriate.
