Payoff early without the hassle of a prepay penalty.
iFundRehabs 24 Month IO Bridge offers a no prepayment penalty OR DSCR requirements. Cash-out on a property while still on the market to purchase a new investment property! No need to wait for your property to sell!
A Bridge Loan is a 24 month, interest only loan that investors use for a property until they secure a permananent loan or remove an existing obligation. This type of loan allows the client to meet current obligations by providing immediate cashflow.
Minimum Property Value: $75K
$100K min. property value (mpv) for properties in Baltimore, Philadelphia, and D.C. $125K mpv for SFR properties and $75K mpv per unit for 2-4 unit properties in Cuyahoga and Cook Counties.
Additional requirements and stipulations apply for LTVs above 75% and DSCRs < 1.0.