Commercial Bridge Loan

    
 
 
       Posted on Google  
   
   Ryan Lockstein 
 
 
 
 Trustindex verifies that the original source of the review is Google. Rick contacted me out of the blue one day because he saw all of the properties I was buying in the Philly area.  I gave him a shot to refi one of my single family rentals.  I was surprised how smooth the deal went.  Lived up to everything he promised.  I will def use him again for future DSCR loans.
  
 
      Posted on Google  
   
   Darryl Miller 
 
 
 
 Trustindex verifies that the original source of the review is Google. My experience with Nonbank Clearing was excellent due to Rick Bagel. He was informative and efficient. He was able to get me answers expeditiously. I was able to close on my loan in the allotted timeframe he gave me. He showed for closing and made sure everything went smoothly.
  
 
      Posted on Google  
   
   Stay Focused 
 
 
 
 Trustindex verifies that the original source of the review is Google. Working with Nonbank Clearing for my cash-out refi deal was a great experience. Specifically, working with Rick made the entire process easy and straightforward. He was incredibly detailed in his explanations, and I found their interest rates to be competitive, which was a huge plus. What really stood out was that it felt like a true partnership; he provided me with multiple options and walked me through the pros and cons of each. His clear and direct communication made the process feel transparent and efficient, and I felt like I was getting a good deal. I would highly recommend Nonbank Clearing!
  
 
      Posted on Google  
   
   Xuan Nguyen 
 
 
 
 Trustindex verifies that the original source of the review is Google. Rick was helping me with the loan so quickly, smooth and really professional . I will be back with him for the next loan . 5 stars I recommended
  
 
      Posted on Google  
   
   Kinga Pokigo 
 
 
 
 Trustindex verifies that the original source of the review is Google. Working with Rick was truly a game changer! I came to him with a sticky home situation in NJ and wasn’t sure there was even a path forward but Rick made the impossible happen. He not only secured me a fantastic loan, but did so with a level of dedication and professionalism that’s incredibly rare in the lending world! Rick is extraordinarily responsive, transparent, and genuinely invested in helping his clients succeed. He took the time to understand my goals, walked me through every step, and made a stressful process feel manageable....even exciting. :D A year later, I still recommend him to everyone I know & talk about that time. :) If you’re looking for someone who is knowledgeable, reliable, and will go the extra mile (and then some), Rick is totally your guy. You won’t find better! (Promise!)
  
 
      Posted on Google  
   
   Brett B 
 
 
 
 Trustindex verifies that the original source of the review is Google. Rick help me secure a DSCR loan for a rental property in NH. The transaction was smooth and Rick helped in every step along the way. I'll be using him again.
  
 
      Posted on Google  
   
   Jaydon Barg 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great rates and very fast closing. Rick is the best!
  
 
      Posted on Google  
   
   Anthony Blackmon 
 
 
 
 Trustindex verifies that the original source of the review is Google. Rick is incredibly knowledgable. He helped me purchase an investment property. I'll be using him for many more transactions.
  
 
      Posted on Google  
   
   Dan Hrubes 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have worked with Rick a handful of times with a customers refinancing of several investment properties.  He has always been professional and very easy to work with, I would highly recommend Rick and his team.
  
 
      Posted on Google  
   
   James Goett 
 
 
 
 Trustindex verifies that the original source of the review is Google. My experience with Nonbank Clearing has been nothing but professionalism with no unforeseen changes in the process and a smooth closing on my refinance. I would recommend this team without reservation for your real estate financing needs.

Commercial and Mixed Use Property Bridge Loan Tear Sheet

Loan Amount	$250k - $5mm
Loan Term	12 - 36 months
Coverage Area	Most States
Income Verification	No
Time to Close	30 - 45 days
Max Leverage	65% of appraised value for refinances. 70% of purchase price for purchases.
Cash Out Refi	Allowed
Asset Verification	2 months recent bank statements
Rates, Points and Fees	Private bridge rates
Minimum FICO Score	680 minimum
Sale or Rental Strategy	Both Allowed
Rural Locations	Not Allowed
Experience Required	Yes
Monthly Payment	Interest only
Exit Strategy	Pay back the loan balance at sale or refinance.
Minimum Interest	6 months
Eligible Property Types	Office, Retail, Light Industrial, Mixed Use

Commercial Bridge Loan Process

Step 1- Initial Discussion, Loan Application, and Term Sheet

Discuss the loan scenario including rehab construction plan, costs, and end value
Suggest relevant loan programs and provide parameters
Scope of Work form and recent experience schedule (we can get this over the phone too)
Loan application and initial info request (we can get this over the phone too)
Term Sheet and Appraisal Fee

Step 2- Initial Info Required for Commercial Bridge Loan

Any remaining info points to complete the Loan Application
Photo of ID and void check
Contact information for your title agent and insurance agent
If borrower is an LLC, then LLC Operating Agreement and EIN Letter
Bank statements with cash to close and required reserves for Purchases

Step 3- Appraisal, Title, Insurance, and Additional Info from Borrower

Appraiser visits the property and completes the appraisal report
Lender reviews the appraisal report, internally re-checks value and reviews for property condition
Title agent provides title policy, works with lender on revisions and clarifications
Insurance agent provides insurance policy, works with lender on revisions and clarifications
Lender usually comes up with other things to ask for from borrower

Step 4- Final Underwriting, Closing, and Funding

Lender sends complete file to underwriting, and they may find issues or require more things at that point
Final coordination between title company and lender on loan docs and scheduling
Closing and Funding

Why Use Nonbank Clearing Commercial and Mixed Use Property Bridge Loan?

Nonbank commercial and mixed use property bridge loans are useful for purchasing or refinancing commercial property without the rigamarole of a full doc bank loan for commercial property. Some of these scenarios can also be met with DSCR loans for commercial and mixed use property (link). Bridge loans are for scenarios where the borrower can pay back the loan within months, as opposed to a term loan, which can be serviced over time with property-level cash flow.

Nonbank Clearing Advantages

Competitive rates and structures (multiple lender outlets)
Familiar with commercial bridge underwriting and lender guidelines
Excellent service and simplified loan processing