Sometimes, your business needs some cash to get it through the tough times, and you might not have the available funds to support it when you need it most. Bridge loans are designed specifically for these situations—to give you the capital that you need as soon as possible in order to get your company back on track or to see an important business opportunity through to the end without having to put everything on hold. If this sounds like something that could help you right now, be sure to read this article in full because we’ll cover everything you need to know about getting a fast bridge loan!
A bridge loan can help you buy time
A bridge loan is often utilized by people in between jobs or where the current job can’t cover all expenses. The money given out through these loans is unsecured, meaning there is no collateral. Therefore, in the event that you are unable to pay back the lender of the money, there will be few remedies available to them.
These types of loans are oftentimes not long-term financing solutions and have limited functionality. If you find yourself considering borrowing from someone outside of traditional banking channels, it’s important to be aware of what could happen if you cannot repay the debt that’s owed. There are many risks associated with this kind of lending, so use caution when deciding whether or not to take on a personal loan.
Bridge loans have flexible repayment terms
Bridge loans provide financing to entrepreneurs that need access to capital before they are profitable, during the construction of a new building, or if they’re restructuring their business. The best part is that repayment can be on variable terms so you can extend the payback as long as your cash flow allows.
Bridge Loans Have No Credit Checks
A bridge loan is usually issued to cover expenses, create cash flow, or buy time in order to wait on an upcoming sale. These loans are used to finance short-term needs and avoid gaps in the capital. Bridge loans are most commonly provided by private investors or banks.
Bridge loans are typically secured by some asset collateral that can be quickly liquidated, such as equipment or machinery. Equity securities can also be included in the security package if approved.
Businesses can get approved quickly
Most loans can take months to be approved or disapproved and by the time you get the answer, you may have gone bankrupt. FastBridge’s online application process gets you an answer in 24 hours or less- often with funding within 48 hours. Regardless of the size of your company, we offer terms from 12 months to 5 years that are tailored to match your current needs, interest rates as low as 6%, and repayment plans that make it easy on businesses with cash flow issues.
We pride ourselves on understanding, not just financial requirements but also company culture- so we can provide financing in both secured and unsecured options as well as customized payment plans based on organizational needs.
Loan Terms can be tailored to suit any budget or timeframe.
Bridge loans are relatively small, short-term loans that give you time to come up with funds of your own. Whether you need capital for financing growth or unexpected emergencies or need some working capital when you find yourself strapped, bridging is the solution. Though they can range in amounts from $5,000 to $500,000 and terms from 90 days to five years, they typically provide funding anywhere from $25,000 to $150,000.
Unlike traditional loans that come with restrictive terms and stipulations around collateral and rates of interest as well as high processing fees on both ends – this type of loan tends to have low rates of interest (as low as 0%), fixed annual percentage rate (APR) charges depending on the term length and minimal processing fees.
What are Bridge loans?
Bridge loans are short-term or short-term loans. They are typically used as temporary help until larger, long-term loans can be arranged. In the case of small businesses, this is often because they don’t have the equity built up yet to obtain the type of financing they need and deserve. Because these loans are designed to fill an immediate funding gap, you need quick approval times and quick disbursement times.
A common misconception about these types of loans is that there’s a chance you will never pay them back. This isn’t true, and most bridge lenders have pretty standard repayment terms which include both principal and interest over time.