Best Bridging Loans with Easy Withdrawal Access

You need money, and our job is to provide you with various options to choose from. Sometimes the challenge is not with getting your bridge loan approved. It is with having easy withdrawal access. In this blog post, we will be exploring the top bridging loan providers. We will also give a brief description of the companies providing these loans. Keep reading to learn more about your bridging loan options. 

What is a bridge loan? 

You may be hearing about this for the first time. Do not worry. We will give you an overview of what bridging loans are. Bridging loans are short-term loans modeled for people who own homes and are suddenly in transition. For example, they are moving from one home to another. This type of loan differs from other loans because they do not finance an existing home. Instead, they help you with the cost of getting a new one.

In the United States and other parts of the world, the bridging loan market grows rapidly. In the US, there are over 20 companies that offer bridging loans with a variety of rates. Let’s explore a few below. 

Best bridging loans with easy withdrawal access 

  1.     Wells Fargo

The American multinational company Wells Fargo & Company has operations throughout the United States of America, with headquarters in San Francisco. The financial service company offers a variety. The company recently announced that they are re-instituting home loans, including bridging loans services. They offer competitive rates with a draw period of 10 years and a month. If you choose to acquire a bridge loan from Wells Fargo, you would be required to pay a minimum of $100 monthly.

  1. TD Bank

The Toronto dominion bank N.A is an American-based subsidiary structure to the parent in Toronto, Canada. It is the seventh-largest bank in the United States, offering several financial services. At TD bank, you can qualify for a bridge loan by presenting a sale agreement for the home you want to buy. You must also apply for a TD Canada Trust on the property you wish to acquire before you can qualify for a bridge loan.

  1.     Bank of America

Another bank that offers bridging loans with easy withdrawal access is the Bank of America. It is an investment bank that serves over 10.73% of the American population, rated amongst the big four banking institutions in the United States. At the Bank of America, there are several home financing options to choose from. Bank of America offers short-term loans to bridge the gap between two financial events, such as purchasing a new property or the refinancing of an existing one. They also provide considerably competitive rates.

  1.     Builders capital

Builders capital offers bridge loans with easy withdrawal access and rates as low as 7.99%. These loans are more suitable for contractors, DIY projects, and fixer-uppers that need funds to complete a current project or start a new one. Bridge loan amounts with Builders Capital can range from $250k to $25M. The application process is also relatively easy. You need to complete an application online and wait to be approved. What’s more, the withdrawal access for such loans is as easy as ABC.

  1.     Banner bank

The banner bank is an FDIC-insured bank in the United States that offers bridging loans to clients in need of them. They provide temporary financing to provide a down payment for a new home while waiting for your old home to be sold off. The banner bank offers competitive rates and fees. Getting a loan from them is also a good idea since they have in-house approvals and fast processing.

  1.     First bank

The first bank has over 100 years of experience helping homeowners acquire new properties through home financing options such as bridge loans. Applying for a bridge loan at First Bank only takes a few minutes. You need to fill out your application online and wait for their response. Their rates are competitive, and they have a record of providing the best possible options for homeowners. The first bank is FDIC insured, so you do not need to worry about performing any transactions with them.

Bridge loans can be beneficial when you are between financial events or need to secure assets. These are some of the best companies that offer bridge loans with immediate withdrawal access to get the funds you need as soon as possible!

Do your research and compare the rates and terms of each company before deciding on which one is best for you. And always remember to stay within your budget!

What banks offer bridging loans?

Very few banks offer bridging loans, mainly due to their reluctance. The financial crisis of 2007-2008 is hugely to blame for this reluctance. Most lenders became enthusiastic about providing alternative financing for people who could not borrow money from conventional banks. The options we offer in this post are what we consider best for you based on what is available in the market. For the traditional banks that offer bridging loans, the deal is not as appealing. There is usually a higher entry bar and less favorable interests. 

How much would a bridging loan typically cost?

Bridging loans are typically not cheap. The fact is, money lending is one of the most expensive options for short-term funding. Conventional banks will demand interest rates between 1% to 3% per month with an additional 1%agreement fee. There is also an exit fee. To borrow money with lower interest rates, it is essential to have a transparent exit strategy. It could be selling the property quickly or before its due date has passed.

Blog post conclusion

To conclude, any of the banks and finance firms listed in this article will provide you with the best bridging loans with easy withdrawal access. You can quickly get loans to support you in your transitional period, whether moving to a new house. We hope this information helps you! If there are any questions you may have, do not hesitate to share them with us in the comments.