What is a Bridge Loan?
A Bridge loan mortgage is a type of a short term loan, typically for a period of 2 weeks – 12 months pending the arrangement of the larger or longer term financing. There is no construction funding component.
Are Bridge Loans for Purchase or for Refinance?
We offer Bridge loan to buy a house (or any property type) and for Refinance (term and cashout).
What is the closing time for Bridge Loans?
Closing time for Bridge Loan real estate is 5-7 business days.
Do you require any appraisal for Bridge loans?
Yes, full appraisal for residential bridge loan will be required including the interior.
Do your Bridge loans require any income or asset verification?
No, we offer asset based loans so we will not ask you to verify your income or assets.
What will you need to verify my experience?
You need to submit your HUD or Deeds before applying for our bridge loan program.
What are your closing fees?
Our closing fees include legal fee, documentation fee, background and criminal fee.
Do you require personal guarantees for bridge loans?
Yes, personal guarantees are required.
Do you offer Bridge Loans for personal residence?
No, we do not offer a Bridge loan for home purchase for personal use. We only offer residential bridge loan for investment purposes.
Do Accolend lends to LLC?
Yes, we lend to LLC.
Do Accolend work with brokers?
Yes, we are open to work brokers.
What will be the prepayment penalties?
There is no prepayment penalties for loans with points. For no point loan programs minimum term is 6 months.