El Paso, TX Bridge Loans – They're not just for bridges anymore, they are for people, too. Get your El Paso, TX bridge loan today. It's better than jumping off one of El Paso, TX's bridges.
You might think that El Paso, TX bridge loans are only for people who want to build roads over canals. In reality, bridge loans are short-term, high-risk loans mainly used in the business world.
The words “bridge” and “loan” remind me of the Alaskan “bridge to nowhere” project, personally. Remember when ex-Senator Ted Stevens and Governor Sarah Palin tried to use millions of federal tax money to build a highway to Ketchikan, Alaska (population 8,000)?
El Paso, TX Commercial Bridge Loans
A bridge loan is meant to offer temporary financing for an individual or business until permanent financing is established – “bridging the gap.” These loans are more expensive (with a higher interest rate) than other financing to compensate for the extra risk.
Money that is obtained from the new financing usually goes to paying back the bridge loan. We can help you to decide if a bridge loan is in your best interest and explain the repayment options. Because El Paso, TX bridge loans are typically more expensive than the more conventional loans, they may not be in your best interest, though they can be arranged quickly with relatively little documentation.
Our loan experts can provide all of the information you want and assess your loan needs in a fast and effective process.
El Paso, TX Emergency Bridge Loans
Bridge loans are often used in cases of national emergency. For example, they were used in Florida after Hurricane Wilma, in 2005. Since Wilma destroyed many small businesses, Governor Jeb Bush activated Florida's emergency "bridge loan" program to provide short-term loans.
“The quick revitalization of our small businesses is a vital part of the state's recovery from the devastation of Hurricane Wilma. Offering an immediate source of cash flow for businesses in need allows impacted businesses quickly to re-open their doors in the wake of the storm.” Governor Bush said. “I thank the state legislature for their expedient and thoughtful response to Hurricane Wilma recovery efforts, in part through requesting the reactivation of the bridge loan program.”
Though Hurricane Wilma may not have directly impacted your business, we can all learn a lesson from Governor Bush’s actions. A bridge loan from a local El Paso, TX bank may help keep your business afloat in difficult times.
Select information courtesy of
FLCities.com.
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