Bridge Loan for first BRRRR

[Kristin Riker]

Hello All,

I'm looking to do my first BRRR deal in Tampa and the lender I have found is suggesting a bridge loan (I would pay for rehab separately) then refinance into a 30 year fixed mortgage in approximately 4-6 months. I don't know ANYTHING about bridge loans....Pros/Cons?? I understand they are typically a higher rate and you must refinance within a year. Is this common practice for BRRRRs?

Thanks for any insight...