|After reviewing the following criteria, please fill out our application or email questions to info@1stBridge.com
Our product is known as a hard money loan
. If you need hard money
immediately please take note of our criteria before
applying as they are likely to be different from the requirements of other direct mortgage lenders.
We will not respond to applications and emails that are clearly outside our criteria.
We do NOT make residential mortgages. Only commercial.
Do you make residential mortgages?
No. Only commercial.
What is your maximum LTV?
50% of ‘as is’ value or cost, whichever is lower.
What is your lending area?
Within a half-hour radius of New York City.
Do you consider after-repair value (ARV) in computing LTV?
No. We look at AS IS value or purchase price, whichever is lower.
What type of property is acceptable?
ONLY office, retail, and multi-family buildings.
Do you make loans for acquisition and development?
Yes. Our loan terms are anywhere from one month to one year. We can provide extensions if necessary. We do not make long-term loans such as 5-, 10-, 20-, or 30-year loans. You can click here for our typical loan Scenarios.
Will you lend in second position?
Do you allow seller financing (second mortgage) behind your first mortgage?
Yes, but only if the borrower puts down at least 30% cash and the seller takes back at least a 30% second mortgage. In other words, we would be at most at 40% LTC.
What are your loan sizes?
Right now, the range of our bridge loans is $50,000-$500,000.
Is there a limit to the broker's fee? How will I be protected?
We do not limit the broker’s fees. The broker needs to have a written commission agreement signed by the borrower. The broker needs to send the agreement to our attorney and then contact our attorney to ensure the receipt of the agreement. Our attorney will cut the commission check to the broker from the proceeds at the closing.
If your loan qualifies based on the above criteria please email pictures of the property inside and out, and pictures of the street scene to info@1stBridge.com, and fill out our secure online one-page application. Please call us to confirm our receipt of the pictures and the application at (201) 794-0018 X2.