Are extensions granted?
This greatly varies deal by deal. We will very rarely offer extensions on bridge loans but occasionally on rehab loans. A one time 6-month extension may be granted at the sole discretion of the lender on a case-by-case basis. Our portfolio status, the loan payment history, and property inspections will play a factor. An extension will have a fee attached often 2 – 6 points depending of the size of the loan. The lender reserves the right to request updated borrower information (including, but not limited to, credit score, tax returns, and bank statements) if the borrower information on file is over six months old.
