Residential Bridge Loans Are Short Term, Up To One Year, And Are Usually Backed By Some Form Of Collateral, Such As Real Estate Or Inventory.
$75,000 to $2,000,000 Aryming will consider loans with a total principal balance greater than $2,000,000 on a case-by-case basis
Residential Business Purpose:
- Fix to Rent
- Fix and Flip
- Buy to Rent
Single-family residential (1-4 units). No land or ground-up construction
LOAN-TO-VALUE (LTV) MAXIMUM
Maximum Loan Advance Rates:
- 80% of “as-is” LTV
- 90% Loan-to-purchase-price (LTPP), for acquisitions
- 100% cumulative-loan-to-value (CLTV)
- 70% loan-to-after-repair-value (LTARV), for loans with construction reserves
- The maximum for cash-out refinance is 65% LTV and 60% LTARV
Loan advance rates are contingent on loan terms, such as cash-out, loan strategy,
subordination, FICO, and other characteristics.
3 to 24 months remaining; terms longer than 24 months will be considered on a case-by-case basis.
First-position trust deeds and mortgages
United States (excluding South Dakota and Minnesota).
Will not purchase loans for rural properties. Generally, if there are fewer than three sales comps within three miles, the property will be considered rural.
High-rise condominiums in Las Vegas or Florida will not be considered. First-generation condominiums or housing communities will not be considered.
Generally loans with fixed note rates of 8.0% or higher.
Lenders may retain a B-piece or have the option to participate side-by-side with our third party in a pari passu position.
Allowed with intercreditor agreement. All subordinate liens must be co-terminus with or mature after the first mortgage (or deed of trust).
Recourse in the form of a personal guaranty is required for entity borrowers, including trust borrowers. At least one guarantor must be an owner of the borrowing entity. Individual borrowers are allowed
Subject to all properties conforming to the marketplace credit box.
Subject to all properties conforming to the marketplace credit box.
Aryming requires a valuation on all properties. Acceptable forms include appraisals and interior BPOs (broker’s price opinion). You are encouraged to please ask for our approved valuation vendor. Loans over $1,000,000 require an appraisal. Loans with construction reserves require an appraisal for the after-repair value (ARV).
Aryming requires approved third-party construction management to oversee the draw process, including inspections. Upon submission of draw requests, Aryming will collect third-party progress inspection reports, lien releases, and receipts in order to determine approval of draw request. Loans with construction reserves that exceed $250k or 40% of the unpaid principal balance are subject to a higher level of due diligence and require case-by-case approval
Aryming uses a third party to purchase the loans
Individual or U.S. entity required
BORROWER/GUARANTOR CREDIT SCORE
Minimum credit score of 600 for the borrower/guarantor is required, but exceptions or mitigation may apply on a case-by-case basis.
The borrower/guarantor must be at least one year removed from discharge/dismissal.
BORROWER/GUARANTOR TRACK RECORD
- At least one previous project is required for rehab loans (exceptions on a case-by-case basis)
- No track record is required for buy to rent and bridge loans
OFAC (BACKGROUND) CHECKS
- Required for all borrowers and guarantors.
BORROWER ELIGIBILTY AND DOCUMENTATION
- A U.S. Citizen or a permanent resident alien. If the borrower is a U.S.-domiciled company, then a Certificate of Good Standing must be provided.
- ALTA 2006 form policy.
- Minimum coverage of 100% of loan balance.
- Signed escrow instructions.
- Copies of all title exceptions to review, if requested.
- All loan files that contain a title commitment or preliminary title report issued by a title agent, on behalf of a national title insurance company, must include a closing protection letter (agent authorization letter in NY) with ISAOA language; if the file contains a final title insurance policy, a closing protection letter is not required.
PROPERTY, CASUALTY, LIABILTY, AND OTHER INSURANCE
- Coverage must equal the lesser of the replacement cost or loan amount.
- Lender must be listed as mortgagee, loss payee, or additional insured.
- Coverage must include fire and extended perils, and other hazards customary to the area.
- Flood insurance required for FEMA-designated special flood hazard areas.
Hail and wind coverage may be required
More Information About Residential Bridge Loans
If you want to have success in the fast-paced world of real estate investing, it’s important to have access to proper funding when you’re ready to strike a deal. Traditional methods of financing can take a while, which may lead to frustration and, ultimately, lost profits. When you need quick, convenient funding to keep a residential property from slipping through your fingers, bridge loan financing may be your best option.
AryMing Asset Funding is a boutique private lending firm that was founded with the goal of getting hard money loans into the hands of real estate investors throughout the northeastern United States. With competitive rates, quick closing times, and even quicker draw processes, you won’t have to miss out on lucrative investment opportunities ever again. Read on to see why we’re the best mortgage bridge loan lenders in the market today.
What Is a Residential Bridge Loan?
Residential bridge loans are short-term hard money loans, typically one or two years in duration, that are backed by collateral such as real estate or other inventory. The primary purpose of this type of bridge loan financing is to aid real estate investors in acquiring or refinancing residential properties.
Real estate investors typically rely on mortgage bridge loans for fix and flip or fix to rent deals, or if the property is in good condition at purchase, buying to rent is a viable strategy as well. Whether you’re looking to resell a property or you’re buying a single-family home to rent long-term, securing financing from private residential bridge loan lenders is a great way to get money fast and with flexible terms.
Advantages of Working With AryMing
With over a decade of experience in private lending and more than 15 years in the real estate industry in general, AryMing is a dependable partner for bridge loan financing of all kinds. Our team guarantees fast closing times, typically 10-12 days after the completion of the loan package, and even faster draw releases. While other lending companies may take as long as 4-6 days to release your funds, your funding can be available within 24 hours of completing the draw release process with AryMing. You need every advantage available when properties can be gone just as fast as they appear, and we intend to deliver these advantages to you.
On top of efficient processing times, our team possesses specialized knowledge of your local real estate market. We maintain teams of experts in several major northeast markets, including New Jersey, New York, Connecticut, Philadelphia, Baltimore, and Washington D.C. This allows borrowers in these areas to meet with an AryMing representative face to face at a moment’s notice, oftentimes within 90 minutes of a request.
If you’ve experienced issues securing financing through traditional means, AryMing is happy to accommodate you. We want to empower local investors to turn real estate opportunities into real profits.
Get Started Today
Ready to seal your next deal? If so, we’re standing by to get you the mortgage bridge loan you need as quickly as possible. Begin the process by contacting us or using our online scheduling form to book an appointment with one of our agents today.