Many businesses find themselves in a fix when they’re unable to find long-term financing solutions for their enterprise. They usually require too large an amount to obtain quickly, leaving them in business limbo, which often results in bankruptcy.
But with bridge financing, they don’t have to wait at all. Bridge financing, or gap financing, is a temporary solution that bridges the gap until the business finds exactly what they’re looking for.
The how-to isn’t all that difficult. All you have to do is look for a reliable hard money lender, such as Global Capital Partners Fund LLC, and contact them. Check out what their website has to say about bridge financing, and make the first move.
It’s important to know, however, that you’ll have to meet a few criteria if you are to qualify for bridge financing. Here are some things your hard money lending firm might ask you for:
- An acceptable debt service coverage ratio
- Evidence of a profitable business
- Evidence of financial control
- A good credit score and report—a FICO 700 report would be stellar
- Collateral or some sort of security. This could be accounts receivable, inventories, etc.
Once you’ve got all of this information sorted out, here are the next steps:
- Decide the amount you need
- Fill up their requested information form—such as details of your industry, business, and so on
- Submit and wait
- Once you receive your funds and your business continues to make profits, it’s possible to make further progress. This you can do if your funding is linked to your accounts receivable.
How to Get Bridge Financing with GCP Fund
Global Capital Partners Fund LLC provides bridge financing in Dallas, TX and Houston, TX for a number of properties that include, but aren’t limited to, office buildings, retail centers, warehouses, mixed-use projects, and hotels.
Whether it’s because you’re trying to avoid foreclosure or because you have to finance a project before you can secure what you’ve been aiming for, you can apply for a bridge loan with GCP Fund.
The firm promises flexible underwriting and a fast process, not to mention that it’s also a low-cost option. Best of all, your time won’t be wasted, and you can move on with your business project as quickly as possible.
You can find more about obtaining a bridge loan by talking to a senior partner at GCP Fund.