How do I get approved for a loan?
Getting a loan from BridgeWell is Super Easy and Super Fast. You can apply online, over the phone, or by fax. The application takes just a few minutes. When we receive your application, your loan request will be assigned to a Loan Services Coordinator. Your personal BridgeWell Service Associate will then contact you promptly. They will answer questions, keep you updated, and provide you with friendly, professional service from application through closing.
How long does it take to get a loan?
We commonly close loans in 7 days from application to closing.
What type of properties do we lend on?
We loan on residential properties (1 to 4 units). We are not currently lending on manufactured housing or mobile homes.
Where do we loan?
We loan throughout the states of Florida, Georgia, North Carolina, Virginia, Indiana, Tennessee, and Texas.
What is the minimum and maximum loan amount?
Our minimum loan amount is $50,000 and the maximum loan amount is $5MM.
How long are our terms?
Our typical loan terms are from 1 to 2-3 years.
How do we approve our loans?
We approve loans based on your ability to succeed with your real estate investment project. We look for 3 components in every loan we approve. We call it “BEE” approved by BridgeWell.
BEE stands for:
What is the minimum down payment?
Minimum down payments are typically 10% or more of the Total Project Cost (“TPC”). TPC includes purchase price and rehab costs.
What is the maximum Loan to Value (“LTV”)?
Our maximum LTV is 80% of the After Repaired Value (“ARV”).
How do we determine ARV?
The ARV is estimated by averaging recent comparable sales in the immediate neighborhood. We typically utilize comparable sales that are arms-length transactions with conventional financing, not foreclosures, short sales, or other distressed sales.
What is the cost of our loans?
We charge one simple origination fee (NO junk fees, hidden closing costs, or middleman fees). Our loan pricing is fair, competitive, and commensurate with the services we provide. Exact pricing will be quoted in writing up-front after we determine the specific loan program and details of the loan you need. Once you complete our easy on-line application, a Loan Services Coordinator will call you promptly to answer any of your questions and gather the information necessary to prepare a written price quote.
Take the next step NOW!