A Bridge Loan is typically a short term business related loan, which will be paid in full with a refinance or sale of real property.
Brazington Mortgage, LLC structures bridge loans with a minimum term of three, seven or ten years, whatever meets your needs.
Most of the loans originated by Brazington Mortgage, LLC have no prepayment penalty. With no prepayment penalty you can payoff at any time and quit paying interest.
Most Notes are escrowed at Evergreen Note Servicing, doing business as Allegro Escrow Services. Allegro charges a modest set-up fee, modest monthly fee and a modest closeout fee when the Note pays in full.
When the loan pays off, principal, interest, late charges and Allegro Escrow Fees are paid in consideration of complete satisfaction of the Note and reconveyance of the Deed of Trust. Additionally, if the Note is in default, collection costs may have accrued and have to be paid.
Beware of short term bridge loans. Many Brokers and Hard Money Lenders structure bridge loans with a short term (six months, two or less years), which at maturity may necessitate you paying closing costs again and again.
Brazington Mortgage, LLC wants you to pay closing costs once and gives you up to ten years to repay the Note, refinance or sale the property.