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Updated almost 5 years ago on . Most recent reply

User Stats

35
Posts
16
Votes
David Park
  • Real Estate Agent
  • Philadelphia, PA
16
Votes |
35
Posts

bridge loan in DE, PA?

David Park
  • Real Estate Agent
  • Philadelphia, PA
Posted

So this property can be had for about 700k. We have about 400k, but need additional 300k to get it done. Normally getting this done with a loan or hard money is how we would approach this. However this is a sheriff sale, and all of the cash needs to be deposited within 30 days.

 Thinking we would need the money for 6 month on 300k. Would Bridge loan be the best option to go with this? If so, any companies anyone recommend for PA/DE area? We have credit with a hard money company for 400k, but don't want to use them for this as their approval process would be too slow. Also, if we win the sale and they reject the property we are screwed out of the deposits, which could be near 100k.

Any suggestions would be appreciated.

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