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Bridge Loan - Multifamily Financing Facts
Bridge Loan Facts - Multifamily Financing
The bridge loan facts are the bridge loan facts and the fact is that in order to buy unstabilized apartment complexes or to buy down debt on a multifamily development you have to use a bridge loan.  We hear all the stories about brokers telling borrowers that they can get 7% bridge loan rates, 6% bridge loan rates and now even 5% rates that are interest only with up to 80% LTV to purchase distressed assets or to buy out their debt at a discount.
The simple truth is that in most cases these are lies told by brokers to borrowers in order to get the borrower to pay an exorbitant ($10,000 and more) due diligence fee in order to engage in a loan process that will never close.  In this case borrower BE WARE!
Bridge Loan Do's & Don'ts - Apartments & Multifmaily
A few things to be aware of when considering taking out a bridge loan for an apartment or multifamily development. 
DON'T pay huge fees in advance to bridge loan brokers.  Some brokers stick borrowers with fees of $10,000 or even $20,000 just to get them to engage.  A small application fee equaling about 20-50 basis points (0.20 to 0.50% or 2/10ths ... more

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