Bridge Loans for Real Estate Investors

Who this is for

Investors and developers with a real property deal and a real exit. Four situations bring most of them to us:

• Buying on a deadline. The seller wants to close in two weeks. A bank needs sixty days. A bridge loan closes the purchase; you refinance later.
• Refinancing out of a maturing loan. Your current lender wants out and the permanent financing is not ready. We carry the property until it is.
• Carrying a project to its exit. The property does not qualify for bank financing yet. It needs renovation, lease-up, entitlements, or construction first. The bridge loan gets it there.
• Unlocking equity. You own property free and clear and want capital for the next opportunity without selling this one.

When a bridge loan beats a bank

A bank underwrites you: tax returns, debt-to-income, seasoning, committee review. We underwrite the deal: the property's current value, the equity cushion, and the way out. That is why we can close in as few as 14 days from approval, and why we can say yes to a property a bank cannot lend on yet.

Bridge money costs more than bank money. That is the trade for speed and flexibility. Rates typically run 10%–13% APR plus origination points, with interest-only monthly payments and the principal due at maturity. There is no prepayment penalty, so you pay it off the day your exit closes. For the full picture, read how bridge loans work.

What we look at

• Current value. We lend up to 65% of current value, not after-repair value. An appraisal or broker price opinion sets it.
• The exit. Sale, refinance, or completion. We underwrite the way out before we fund the way in.
• Clean security. A first-position deed of trust on the property, lender's title insurance, and the borrower's personal guaranty. Every loan closes through a title company and attorney.
• The property type. Residential investment property, land, mixed-use, and commercial real estate. See recent deals for what we have funded.

How the process works

1. Tell us about the deal. Property, purchase price or value, loan amount, and your exit. Call (801) 990-2222 or apply online. We reply within 24 hours.
2. Term sheet. Rate, points, term, LTV, and extension pricing, in writing, up front.
3. Diligence. Valuation, title work, entity documents. See what you'll need.
4. Close. Through a title company, as soon as 14 days from approval.
5. Payoff. Your exit pays the loan off and the deed of trust is reconveyed. Many borrowers come back for the next project.

Where we lend

We are based in Salt Lake City and Utah is our home market. We also lend in Arizona, Colorado, Idaho, Montana, New Mexico, Oregon, Texas, Washington, and Wyoming.

Why borrowers choose a direct lender

We fund our loans with our own capital and our investors' capital. We do not broker them to someone else, so the person who quotes your terms is the person who approves them. Miller Bates was formed in 2015 and its partners have been lending since 2003, with more than $258M funded across market cycles.