There are many things you need to have in place before you can get approved for a loan such as building plans and permits, construction budgets, market/feasibility study, and an exit plan. If you are a first time developer then you will have a more difficult time acquiring financing since you do not have a proven track record.
What is a Bridge Loan?
Exactly as the name suggests, bridge loans are used to bridge the gap between initial needs and an intended exit. Commercial bridge loans can be used to cover a wide range of transactions: Commercial Real Estate Purchase, Cash-Out, Refinance, Value-Add/Rehab, Development, and Ground-up New Construction.