NYC bridge loans serve a very necessary purpose in the commercial real estate market. When projects need to adhere to specific schedules, NYC bridge loans ensure there are no gaps in financing to prevent delays.
NYC Bridge Loans For Property Flippers
NYC bridge loans play a big part in any property flipping project. Financing for acquisitions can take some time to process, leaving commercial real estate investors with a short window to get everything lined up for renovations and construction. Finding the necessary capital to cover immediate costs for permits, hiring contractors, purchasing the right materials, and staging expenses can be fairly expensive. Not having adequate financing while larger loans are still processing can lead to delays, which draw out the turnaround time on a property and cut into your bottom line. NYC bridge loans ensure ample financial coverage for local property flippers.
Bridge Loans Are Fast And Efficient
NYC bridge loans can be arranged quickly, so property flippers can dive right into their projects and finish them quickly. Bridge loans are often based around the value of the property involved in the flipping project, but not in the same manner as traditional lending programs. NYC bridge loans are based on the overall profitability of a property after renovations, instead of before, in order to provide the most value to commercial real estate investors. Additionally, NYC bridge loans have no prepayments penalties. Clever NY commercial real estate investors will often use a portion of their larger loans to pay off the remaining balance of NYC bridge loans without repercussions. Bridge loans have made house flipping and other commercial real estate projects more accessible and affordable to investors in the New York area, which has led to improvement for entire neighborhoods which were once neglected.
Uplifting The Community
Using NYC bridge loans for flipping properties does a lot more than generate fantastic revenue. Entire sections of NYC have been made over in the past few years with the help of bridge loans. These houses, storefronts, apartment complexes, offices, and more would otherwise have been neglected, or torn down. Property flippers help to restore and breathe new life into the structures, and bring in new property owners who end up putting money into the local economy.
At Abel Commercial Funding, we are committed to providing the best bridge loans in New York City. Contact our offices today, and put our expertise to work for you.