Have you ever been in a situation where your business was facing an urgent problem and needed funds but couldn’t get them because of the stringent loan criteria? Business Bridge Loans are ideal for those who need funds urgently to solve financial, operational, or business problems. This article will highlight how these loans can help you solve your urgent problems.
The Business Bridge Loan from Business Finance is a quick funding advance. Borrowers can get accessible funds quickly without the hassle of long application processes that other lenders impose. It has the quickest approval time in the market, typically taking less than two weeks for underwriting and 10-14 days for closing on most cases due to our instant decision-making process – which means borrowers will have their loan throughout sooner rather than later!
A bridge loan is a "gap financing", an interim loan with no annual percentage rate (APR). Bridge loans are typically not collateralized but can be offered based on personal or business income. They may have payment plans that range from one month to several years and lack flexible repayment options but still require interest rates averaging 12% - 36%.
Having said that, bridge loans may be a good option to get an early start in business.
According to mortgage expert Sara Ross, a bridge loan can be used to help fund the development of inventory or real-estate transactions. It could also be used as collateral financing in further developing an existing business and purchasing equipment. If you have been rejected for bank loans, research credit unions’ interest rates before deciding on a bank (rates are typically more competitive) so that you do not incur higher monthly payments or skyrocketing APR should something go wrong with your venture
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