Marcus Goodwin

Marcus Goodwin

Recent Posts

Tips For Getting The Best Commercial Bridge Loan Financing

Posted by Marcus Goodwin on Nov 1, 2018 10:31:44 AM

Securing a commercial bridge loan can be a lot of work and any missteps can prove costly.  Below are some tips, that if followed, will increase the probability of obtaining attractive bridge financing.

Have a Defined Plan

It is imperative to have a defined plan with an accompanying budget including a spreadsheet of monthly income and expenses for the first 24 months of the loan period.  A lender’s ability to both understand and quantify the strategy quickly always works to the sponsor’s advantage.  In particular, ensure that you are thorough in describing why this is a value-add opportunity.

For example, if poor management is to blame, talk through why they are a poor manager (limited experience, minimal properties under management, etc.).  Additionally, any insight as to why the current ownership didn’t recognize or address this shortcoming is also helpful.  A well-defined strategy, along with supporting details that paint a clear picture, will give significant credibility to the deal up front.  

Understand the Timing Required

Read More

Topics: Bridge Loans, Closing, Brokers