The executives at Alpha Funding Corp. have over 40 years of experience in funding real estate investments. This lender can help you with a variety of different projects, including purchases, refinances, quick closings and constructions, with its commercial bridge loans. These loans are an option to consider if banks have denied your loan applications or if you need funding right away. This lender offers two bridge programs, along with a rehab bridge loan option. If you choose to go with one of their bridge programs, you can expect the approval and closing process to take about two to three weeks.
Alpha Funding Corp. follows industry requirements in terms of interest rates and loan-to-value (LTV) ratios for smaller loans. The lower-tier bridge program offers loan amounts starting at $100,000 that cap at $2.5 million. For this tier of swing loan, Alpha offers 10% to 12% interest rates and up to 72.5% LTV ratios. There is also no expense deposit required for this tier. Collateral is required with Alpha Funding Corp.; however, the company can accommodate cross collateralization through first- or second-position liens.
Because Alpha Funding Corp.'s bridge loans are asset based, the company is willing to work with all credit types, but be aware that lower credit will negatively affect your interest rates and LTV ratios. If you have a lower credit score, be prepared to provide Alpha Funding Corp. with several important bits of information, such as the size of the loan you need, the value of the property, the use of the funds and your plans for an exit strategy to prove that you can pay off the loan at maturity.
Alpha Funding Corp. offers terms that range from one to two years, based primarily on the amount of the loan. However, the company is willing to take into account the terms that you would prefer for the loan. During the loan term, expect to pay interest charges, but the full amount isn't due until maturity. Alpha Funding Corp. does not charge a prepayment penalty if you decide to pay off the loan before the term ends.
Alpha Funding Corp. offers creative solutions for your bridge loan needs, and the lender is willing to work with you on an individual basis. It is also a non-retainer firm, meaning it won't get paid unless the deal you are working on is closed. The bridge loan rates tend to run a little higher and really spike if you have low credit, but Alpha Funding Corp. can provide you with a loan for almost any scenario.
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