We lend on the property and what it will be worth when the work is done, not on your tax returns.
Harbor Bridge is a direct lender. We fund the purchase and the rehab of houses bought to fix and flip, to rent, or to hold until longer financing is in place. The loan is underwritten on the property and its after-repair value, so a deal a bank will not touch, or will not move fast enough on, gets a straight answer here in days, not weeks.
You deal with the person who makes the decision. There is no loan committee and no file passed down a hall. The person who answers the phone is the person who says yes.
Investment property only. Not for the house you live in.
How a loan goes
1Send us the deal
The address, the purchase contract, your rehab budget and scope of work, and how the loan gets paid off. That is the whole application.
2A term sheet in writing
What we will lend, on what, for how long, and what has to happen before closing. Before you spend anything on an appraisal.
3The property is valued as repaired
What it is worth today, and what it will be worth once the work is done, on houses that actually sold nearby in that condition, not asking prices.
4Underwriting
Title opened, insurance bound, the entity documents checked, the budget read against the appraisal. If the numbers do not work, you hear it now.
5Closing
At your title company or attorney. Funds are wired the day of closing, on the date your contract says.
6Draws, then the exit
Repair money is released in draws as each stage is finished and inspected. When the house is done, sell it or refinance it into a rental loan and keep it.
Why an investor comes here instead of a bank
Speed
The loan is decided on the property, so the file is short and the answer is fast. Yours is the offer that can close first.
Condition
A bank will not lend on a house with no kitchen or a roof that has to come off. We will, because the loan is sized on what it will be worth finished.
The purchase and the rehab in one loan
The money for the work is part of the loan, paid out in draws as each stage is finished.
One person
The person who reads your file is the person who decides it, and the one who answers the phone after closing.
What we fund
- Fix and flip loans, purchase and rehab in one loan
- Bridge loans, short-term money while a sale closes or long-term financing is arranged
- Rental loans for buy-and-hold investors, qualified on the rent, not your income
- Loans to an LLC or a land trust
- Refinance and cash-out once the work is finished
- Wholesalers who need to double close
Who it is for
Fix and flip investors, first deal or fiftieth. Buy-and-hold investors adding a rental. A purchase through an LLC or a land trust. A contract that has to close before a bank could.
Not for a house you are going to live in, or a first-time buyer looking for an ordinary mortgage.
Terms are quoted on the property you are actually buying, once we have seen the numbers on it.