Bridge/Hard Money Loans
As you work through the complicated process of building senior housing, you may need short-term funds. Bridge and hard money loans can help you get the money you need for your assisted living project between short-term needs and permanent funding.
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What is Bridge Loans
Bridge loans are meant to be used for short-term borrowing and usually last between 6 and 18 months. They are great for paying for things while you get fixed financing or finish an essential part of the pre-construction process.
What is Hard Money Loans
Hard money loans are a type of asset-based lending. When someone applies for a loan, lenders mostly look at how much the property is worth, giving less weight to standard creditworthiness factors. This makes them suitable for people who need money quickly or have complicated financial situations.
Bridge vs. Hard Money Loan Comparison
| Feature | Bridge Loan | Hard Money Loan |
| Focus | Bridging short-term gaps | Asset-based financing |
| Loan Term | 6-18 months | Up to 24 months |
| Interest Rates | Generally lower than hard money loans | Typically, higher interest rates due to increased risk for lenders |
| Credit Requirements | More emphasis on creditworthiness | There is less focus on credit score, but substantial collateral is required |
| Loan Approval Time | Faster approval process compared to traditional loans | Relatively quick approval process |
Benefits of Bridge/Hard Money Loans for Senior Housing Projects
- Fast Funding: Bridge and Hard Money loans can get faster financing than other types of loans. You can take advantage of chances that pay off quickly or meet the needs that come out of the blue.
- Flexibility: You can change these loan choices to fit the needs of your project, giving you the freedom over the loan amount and how it will be used.
- Unlocking Potential: Bridge or Hard Money Loans can help developers who need help getting traditional funding or whose complicated financing is making hurdles in their plans turn into a reality for senior living facility projects.
Important Considerations
- Higher Interest Rates: The interest rates on bridge and hard money loans are usually higher than those on regular loans. Check the cost-benefit study carefully to ensure it fits your project’s goals.
- Short-Term Solution: These loans are meant to cover short-term needs. Having a clear plan for how to get long-term capital by the end of the loan term.
- Experienced Lender: Working with a bridge or hard money lender with experience financing senior homes is essential to ensure the loan process goes smoothly and the terms are fair.
Senior Housing Lender: Your Bridge to Success
At Senior Housing Lender, we know how to help senior housing projects get the money they need. We offer various financing options, such as bridge and hard money loans, to make the growth process go smoothly.
Contact the Senior Housing Lender immediately for a free consultation and find out how bridge or hard money loans can help you get the stable financing you need.
Still, trying to figure out where to start? We can help.
Get your idea for senior housing moving with a free consultation; call Senior Housing Lender right now and see what a difference a committed partner can make.
Senior Housing Lender
Fund your senior housing project. Nursing homes, Assisted Living, etc. Innovative financing. Fixed-rate loans exist. Contact us now!
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