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Picked a bridge loan over a traditional refi for a retail strip in Tucson, kind of regretting it
I had a 6-unit retail center near the university that needed a quick close, so I went with a bridge loan at 10.5% instead of waiting 8 weeks for a conventional refi at 6.75%. The deal closed in 3 weeks, but now I'm stuck with a balloon payment due in 18 months and the property's NOI didn't bump up like I projected. Anyone else taken a bridge loan and found the exit strategy harder than you planned?
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diana_moore757d ago
Jumped on a bridge loan myself once for a duplex and learned the hard way that quick money usually means expensive lessons. Feels like the same logic as buying the cheap paper towels that fall apart - you pay for it one way or another.
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