If your business has outgrown its current loan, and you need money to upgrade or expand, you may be considering applying for a commercial bridge loan. But where do you start? The good news is that there are plenty of commercial bridge loan providers ready and waiting to work with you on your venture, provided you meet the requirements they’ve outlined on their website. That’s why we’ve compiled a list of four of the best commercial bridge loan providers for 2022. If you want to see if one of them will work with your project, click any of the links below.
1) The 3 Types of Finance
Before choosing a commercial bridge loan provider, it is important to understand the different types of financing they offer. These include equity capital, debt capital, and convertible debt. Each type has its own advantages and disadvantages that should be considered when deciding how to fund your business.
Evaluating Your Situation (four sentences)
Choosing the right commercial bridge loan provider depends on many factors such as your industry, credit rating, and your business’s stage in development.
2) 10 Lenders to Consider
- Novator Financial
- SunTrust Bank
- Wells Fargo
- Fifth Third Bank
- Commerce Bank
- Huntington National Bank
- OneWest Bank
- TCF National bank
- ING Direct
- TD Bank
3) Common Features Of A Good Lender
Borrowers typically look for lenders with competitive pricing, strong credit, and flexible terms. The commercial bridge loan providers listed below all have these features and more. Partner Capital offers to finance up to $2 million to small businesses in any industry and they’ll take as little as two weeks to review your application. Orchard Bank provides loans up to $1 million, which can be approved within five days or less if you meet certain criteria (it can take longer depending on your credit score). Pennington Bank offers bridge loans up to $750K and it only takes 24 hours for them to review an application.
4) Repayment Options
One key to finding the best commercial bridge loan provider is considering your repayment options. The repayment term is also known as maturity and it can be anywhere from one month to 60 months. In addition, some providers will allow you to repay early without any penalties while others will charge an early payment fee. You should also consider whether or not your loan has a balloon payment or an amortization schedule.