When it comes to business operations, there are plenty of projects that need:
Claim up to $26,000 per W2 Employee
- Billions of dollars in funding available
- Funds are available to U.S. Businesses NOW
- This is not a loan. These tax credits do not need to be repaid
• The right kind of leadership,
• Timely funds,
• Crisis management, in some instances and
• Emergency funding, should things go wrong.
There are plenty of sources when it comes to short term funds and one such source is bridge financing. It would be good for a business owner or a property developer to look for bridge financing because of the availability of plenty of bespoke lenders in this category.
How to find the right financier
When it comes to bridge financing for business purposes or for property related projects, it would be useful to look for a financier who can:
• Process papers in the shortest time frame possible
• Come up with customised solutions for bridge financing
• Prove expertise in lending to property developers and
• Cater to specific needs such as funds for refurbishment and so on.
It is also interesting to note that plenty of bridge finance companies promise the clients the accessibility to decision makers who can process papers immediately. This can be a very important criterion for a business owner or property developer who wants immediate clarifications on a time bound project.
Comparing service providers
Like any other business decision, it would be good for a property developer to make a study on how many lenders are operating in the market. This will give the borrower the opportunity to compare prices, terms and conditions, processing time and the elements of risk and benefit involved in the transactions.
It may also be relevant to check whether a bridging finance company caters to a specific company or industry. For instance, some financiers state that they look after small and medium enterprises. So if a property developer is a small establishment then it may make more sense to go with a bridge finance company who will have support for this ‘category’ of client.
Some of the aspects that are worth looking into include:
• Portfolio of products for different kinds of real estate projects
• Flexibility of terms or loan duration
• Exit fees
• Rates of interest and
• Transparency of service as well.
When to avail bridge financing
Typically, bridge financing is available for a short term – maybe even as short as a couple of weeks. Some property developers may also go in for bridge financing for a couple of years or so. It would depend on the financial plans that a business organisation or property developer has. For example, a property developer may need funds in stages for a refurbishment project. It would be useful to check on the minimum and maximum amounts that a bridge finance deals with before getting into a contract with a firm.
Rates of interest are perhaps the most important financial consideration when it comes to bridge financing. The interest rate can, most times, be negotiated with the lender. It would be good for a property developer to check out market trends and the published rates of companies before settling for one lender when it comes to bridge financing.
