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About 1st Bridge
1st Bridge is a private money lender based in Fair Lawn, NJ providing loans in New York City. They offer lending solutions for a variety of situations and needs, including hard money loans for commercial properties and short term bridge loans. They provide loan amounts ranging from $50,000 to $500,000 with a maximum LTV of 50% and terms between 1 month and 12 months. They make loans on all the following property types: multi-family units, office buildings, retail spaces, and apartments.
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Loan Types Offered: Commercial Hard Money Loans, Bridge Loans
Property Types Covered: Multi Family, Office, Retail, Apartment
Areas Served: New York City
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Lending Guidelines for 1st Bridge
Below are the general loan guidelines published on the 1st Bridge website. Please confirm all terms and rates directly with the lender.
Commercial Hard Money Loans
Loan Amounts: $50,000 - $500,000
Available Rates: N/A
Typical Terms: 1 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 50%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: NO
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/ABridge Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): N/A
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: N/A
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by 1st Bridge.
Loan Example 1
Joann owns a small business in Cos Cob, CT and needs to buy a new building to run her operations. Since she is unable to obtain a conventional mortgage loan from a bank, she looks to 1st Bridge for a commercial private money loan. The price of the property is $260,000 and the lending company agrees to contribute 60% of the cost (the loan-to-value / "LTV"), or $156,000. The other $104,000 will have to be paid by the borrower when the loan is closed. The terms of the loan include a 6 month term, a 8% interest rate, and a 4 origination fee paid by the borrower at the closing. Joann will need to pay an origination fee of $6,240 and she will then start to make the interest payments in the amount of $1,040 ($156,000 principle amount x 8% interest / 12 months in a year). She can pay off the note whenever she wants to because there isn't a pre-payment penalty but she is responsible for paying off the principle when she eliminates the loan.
Loan Example 2
Marina locates a townhouse in Cos Cob, CT to rehab and resell. Because she does not have enough cash to buy the property outright, she takes a hard money bridge loan from 1st Bridge with the following parameters:
a) A $390,000 purchase price, b) a 50% loan-to-value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 1% origination fee.
If Marina succeeds in her goal of a $585,000 sales price, the final numbers of the deal would be the following:
$585,000 sales price
- $195,000 principle (50% LTV)
- $195,000 cash paid at closing (50% on 50% LTV)
- $1,950 origination fee (1% of the $195,000 principle amount)
- $15,600 total interest paid (12 months x 8% interest)
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= $177,450 gross profit (does not include taxes or renovation costs) -
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