Bridge Loans

Norfolk Capital’s bridge loans help you quickly fund an investment property, whatever your need may be.

About Norfolk Capital’s Bridge Loans

Time is of the essence in business, and sometimes you need a Bridge Loan to buy  time before putting permanent financing in place or prepare to sell a property. Bridge loans are short term real estate loans investors use for a number of reasons, including but not limited to: 

  • Acquiring a property quickly and then refinancing to conventional or more permanent financing, or sell the property
  • Acquiring a property and then refinancing while improving credit
  • Acquiring or refinancing a property while leasing up

Whatever your need, whatever your strategy, and whatever your need, our Bridge Loan programs will provide the short term lending needs you have.  Call us now for a free consultation with our loan offers.  With decades of experience as investors, Norfolk Capital’s team understands what it takes to succeed and can tailor a program to meet your needs!

Advantages of our bridge hard money loans

Our programs depend on your project, experience, and unique requirements. Apply now for a quick assessment on your deal.

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Our Interest-Only Bridge Loans start as low as 8.49 %

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Term lengths start at 12 months, but we also have 1, 2, 3, 5 year options

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We can close in a few days!

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Low down payment options

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Up to 90% LTV

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No prepayment penalty

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Our experienced and dedicated loan officers have multiple options to structure something that fits your needs.

*Interest rates as low as 8.49% and other terms are determined based upon asset valuation, borrower experience and financial profile

Bridge Loans Frequently Asked Questions

What is a Bridge Loan?

Bridge loans are designed for real estate investors for short term funding for investment properties.  The loans 1-2 year loans allow you to secure or refinance a property while you prepare to qualify for conventional financing or sell the property. Typically, the loan consists of the acquisition (buy or refinance) costs and can sometimes include the interest payments.  There are numerous reasons investors use bridge loans, from credit issues to lease up, to faster acquisition over conventional loans.

What is the difference between Bridge Hard Money loans and Conventional Loans?

Banks take a long time -sometimes months –  to approve loans, and often have much stricter criteria to approving deals.  If you have your information ready, we can close in days or weeks. Hard money lenders have more flexibility in lending.  Insteading of focusing heavily on your financial background, we look at more common sense things like the project potential, your experience, and your financial history.  Hard money lending isn’t for everyone, but is a good alternative to consider depending on your circumstances.

You may use a bridge loan to acquire a property faster than using conventional loans and then refinance once you have control of the property. Or, you could use a bridge loan to establish or improve the tenancy before refinancing into conventional financing.  

There’s a multitude of reasons investors use Bridge loans.

What interest rate are your bridge loans?

Interest rates start at 8.49%, and go as high as 12.49%.  There are dependent on a number of factors, including project type and complexity, value of the project, loan size, location, and borrower experience.

Why partner with Norfolk Capital?

Norfolk Capital was founded and led by a team that has decades of development and borrowing experience yourself. This means you get a team that understands your needs and can help you get the best program for your situation. When you work with Norfolk Capital, you get more than a lender, you get a team that’s on your side, focused on your success. 

What kind of projects do you fund?

We fund all kinds of projects, including: 

  • Residential properties with 1-4 units
  • Multifamily projects with 5+ units
  • Mixed-use projects
  • Commercial properties

We fund all types of situations, from acquisitions to refinance, and from buy and hold to sell. 

What do I need to apply for a bridge loan?

The application process is quick.  Click here to get started. 

Be prepared with: 

Information about the project 

    • Address
    • Property Type
    • Acquisition cost
  • Information about yourself: 
    • Experience with similar projects
    • Job and stated income
    • Liquidity (cash and retirement accounts)
    • Other real estate owned
    • Credit score – But keep in mind that low credit is not a barrier to getting a loan, but we like to understand how you manage your finances.  
What documentation is required for a bridge loan?

Documentation may depend on the situation and requirements, but typical requirements include

  • Sales Contract
  • Construction Budget
  • Bank statements
  • A list of properties you currently own (an REO Schedule)
  • Experience with Similar projects
  • Credit and background checks
  • Rental income (for rental projects)
  • Two years of tax returns
  • LLC Operating Agreement or Articles of Incorporation
How much money do I need to close?

Liquidity at closing depends on a number of factors, but will include funds for: 

  • Down payments as low as 10% of acquisition
  • Money to start work on your project
  • Closing costs and loan fees
  • Interest payment reserves

Some of this will be collected at closing, some of it we will want to see in your bank statement to make sure you have the liquidity to keep the project moving. 

How quickly can you close on a bridge loan?

While traditional banks will typically take at least a month to close, we can close in a few days, though this is not the norm.  An appraisal is typically what holds up the process, those this is not always required for a loan.  If you want to close quickly, make sure you respond quickly to documentation requests and have everything ready.  

What States do you lend in?

AL, AK, AR, CO, CT, DE, DC, GA, HI, IL, IN, KY, LA, ME, MD, MA, MI , MS, MO, NE, NH, NJ, NM, NY, OH, OK, PA, RI, SC, TN, TX, WA, WV, WI, WY

Do I need an entity to purchase a home or can I purchase as an individual?

We only lend to non-owner occupied properties held by a corporate entity.

Can I qualify if I have bad credit?

Hard money loans are focused on asset-based underwriting.  As a result, credit score is less important than the project and other factors such as your experience.  We’ll want to understand the situation behind your credit score, but borrowers with bad credit qualify for hard money loans all the time.

Call us or apply now to get a free consultation to discuss your situation!

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