Fill gaps in financing with a bridge loan.
Also known as gap financing, a bridge loan is a type of short-term loan that is used to provide temporary funding until a more permanent or long-term financing solution can be arranged or acquired. One of the most common uses for a bridge loan is in real estate. For example, a homebuyer may use a bridge loan to buy a new home before they sell their current one.
Real estate investors and developers also use bridge loans to secure funds for property purchase or renovation. They use the capital acquired while awaiting the sale of another property or while waiting for a longer-term loan approval.
Many real estate investors and developers in Upstate New York use a bridge loan when time is of the essence. These loans, when compared to traditional lending solutions, have much faster approval processes. This speed can be critical in competitive real estate markets or when in the middle of an urgent financial situation.
At Upstate Bank, we can help you apply for and secure financing with a bridge loan. Our goal is to provide customized lending solutions, so we will talk to you about your goals and your plans before suggesting you apply for a bridge loan.
Our lending team is here to support you with your next venture by providing fast access to capital. To learn more about why you should consider a bridge loan for your next project or to begin the application process, reach out to us today.