CRITERIA LOAN APPLICATION BROKERS ABOUT 1ST BRIDGE™ RECENT LOANS HOW DOES A BRIDGE LOAN WORK
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bridge loans and hard money mortgage loans
After reviewing the following information, please email your loan request and      supporting documents to info@1stBridge.com
What if my loan is outside your criteria?
Some of the best financing sources in the market send their bridge loans to us. We can help you place your loan with them, but this service involves a fee. The fee depends on the loan size and is payable only if the loan closes. We do not ask for any deposit or upfront fee, so your client has nothing to lose.
What documents do I need to submit?
For stated loans you need to answer the following questions:
What is the purchase price?
What is the purchase date?
Describe the subject property in detail.
What is the mortgage balance? Is the mortgage current?
What are the income and expenses on the subject property (if applicable)?
What is the reason for borrowing (if this is a refinance)?
What is the borrower’s mid-FICO?

For full-doc loans you will need to submit a “closing package,” preferably via email in password-protected PDF format, which includes:
Answers to the above questions
Personal tax returns
Corporate tax returns (for commercial loans)
A personal financial statement
A corporate financial statement (for commercial loans)

For construction loans we need the following:
  1. Executive summary/business plan: a description of the project and its location.
  2. Resumes: background on principals describing their experience.
  3. How much capital have the principals put into the project to date and specifically how were those funds allocated?
  4. How much capital can the principals put into the project going forward?
  5. Is the land on which the project is to be constructed currently owned by the principals?
  6. If the land is owned now, what is its current value ‘as is’ and are there any encumbrances against it.
  7. Do the principals have all necessary state, city and other government approvals already in place?
  8. What is the estimated completion value of the project?
  9. How much financing is being requested?
  10. Specific breakdown of how these funds will be used.
  11. A projection showing the anticipated annual revenue and net income for the project for a three year period.
  12. A current balance sheet showing how the borrowing entity is currently capitalized. If the borrower is not a company then a personal financial statement will suffice.
Please email the above to info@1stBridge.com.




1st Bridge LLC, 5-20 Hartley Place, Fair Lawn, NJ 07410Phone: (201) 794-0018Fax: (201) 794-3143