When you’re trying to grow your business, you need fast access to flexible funding. Traditional business loans can be difficult to get and don’t always meet the needs of an expanding enterprise.

The good news is, you can get bridge financing through a third party lender. This type of loan is specifically designed to help investors and entrepreneurs pursue their goals.

Offers Flexibility

When you get bridge financing, you can choose how you spend the funds. In fact, you can use them in multiple areas of your business if necessary.

For example, you can use part of the loan to cover payroll or even hire more employees to gear up for expansion. You can also spend the money on equipment, which may give your company an edge over the competition. Another option is purchasing real estate to open a new location.

Provides Easier Access To Funds

If you go the traditional financing route, you’ll need to supply all kinds of information to the bank or credit union. That includes paperwork on your company’s finances and credit history, as well as a business plan outlining how you intend to spend the funds. If you don’t meet the high standards of these traditional lenders, you’re out of luck.

Private lenders, on the other hand, are more willing to take a little risk. Bridge loans are secured by assets, usually property, which makes them easier to get than, say, an unsecured line of credit.

Offers Fast Cash

Perhaps the biggest advantage of bridge financing is the fast application processing time. All the paperwork associated with traditional loans means an extended approval process, as the lenders have to verify the information. This means you could wait weeks for an answer, only to get turned down.

Bridge loans have a much shorter timeline. In fact, in some cases, you can apply for a bridge loan on Monday and get the money on Friday. This is the perfect option for companies that need cash right away for business opportunities.

Provides Short-Term Options

Many loans can last decades, which means you’re stuck making payments long after the loan’s usefulness ended. Bridge loans, however, are designed for the short term. In fact, they rarely last more than 2 years.

Bridge loans are the perfect solution for businesses that need fast, flexible funding. If you’re interested in growing your business, it’s time to start looking for this type of financing.