Bridge Loans Brooklyn

About Bridge Loans Brooklyn

Bridge Loans Brooklyn is an asset-based lender headquartered in Brooklyn, NY offering loans in New York. They provide fix and flip hard money loans, commercial hard money loans, and short term loans. They offer loan amounts starting at $100,000 and terms up to 1 year. They do not require borrowers to have a minimum credit score to obtain a loan. They offer loans on all the following types of properties: single family, multi-family units, apartments, office buildings, mixed use, retail units, warehouse spaces, storage buildings, and industrial facilities.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Mixed Use, Retail, Warehouse, Storage, Industrial

Areas Served: NY

Lending Guidelines for Bridge Loans Brooklyn

Below are the general loan guidelines published on the Bridge Loans Brooklyn website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Bridge Loans Brooklyn.

Loan Example 1

Warren closes on a $220,000 rehab project in Brooklyn, NY, using a fix and flip loan from Bridge Loans Brooklyn. The lender agrees to make a note with a 80% loan-to-value (LTV) so they will extend $176,000 on the project. The deal also has the following features: 1) a 6 month length, 2) a 11% interest-only note, and 3) a one percent origination fee.

On top of the $1,760 origination fee, Warren will also fund $44,000 of the purchase with his own cash, or 20% of the sales price. he must then pay $1,613 monthly to the lender. If Warren meets his goal of a $286,000 sales price at the end of the loan term, he would earn a gross profit of $54,560 after repaying the principle amount and deducting the money he brought to closing, the origination fee, and the monthly interest payments.

Loan Example 2

Sharon is a real estate investor in Brooklyn, NY. She buys an older house for a remodeling project and obtains a private money loan from Bridge Loans Brooklyn with the following paramters:

a) A $400,000 purchase price, b) a 50% loan to value (LTV), c) a 12 month term, d) a 12% interest rate, and e) a 5% origination fee.

If Sharon succeeds in her goal of a $580,000 sales price, the numbers of the project would be the following:

$580,000 sales price
- $200,000 loan principle (50% LTV)
- $200,000 down payment (50% on 50% LTV)
- $10,000 origination points (5% of the $200,000 principle)
- $24,000 interest payments (12 months x 12% interest)
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= $146,000 total profit (doesn't include taxes or rehab costs)

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