I have a question for the lenders and brokers on this site...

[Louis Rosenberg]

Last week I was approved for a bridge loan to purchase a residential investment property. It is vacant but in pretty good condition. I have good credit but I know that bridge loans are equity driven and I should expect higher fees. My rate is 10,5%, 4 origination points, and $950 for processing. I am pretty happy with this. The appraisal is this week and it has been a pretty smooth process. 

My question is this... on a Bridge Loan, how much total fees is normal? What is the normal interest rate? 

Again, I am just fine with 4 points and 10.5% for an easy 3 week loan. I just want to know what everyone else is charging? 

Thanks for reading.

Louis Rosenberg

[Admin]

Hi Louis.

Those terms are about right for a 12 to 24 month bridge loan. Sounds like you found a good lender. I hope you close on that property very soon.

Admin

[David Britz]

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[CONSULTING FIVE STAR GLOBAL]

Louis,

Too high, should be more like 7% interest rate 2.50% points

Ron...