A Bridge To Your Dream Home

We now have access to an amazing bridge loan program that allows you to access your equity from your current home, while it's listed, to aggressively shop for a new home, since your offer would not be based on a sale contingent of your current home for sale. You can gain a competitive advantage in a low inventory housing market by making a non-contingent offer on the new property.

What Should I Know?

This ultimate bridge loan pays off the existing lien while providing the cash out needed for a down payment on the new home.

The equity used for down payment for the new home
No monthly payments due on the bridge financing
Up to 75% LTV on bridge loan, depending on occupancy and loan amount
NO MONTHLY PAYMENTS REQUIRED
Loan amounts as high as $2,000,000 (can exceed this amount on a case by case basis)
Bridge financing only available in conjunction with financing on the new purchase home

Still A Little Confused? Let Us Provide You With An Example

This example is based on an estimated value of a current property listed at $520,000 with a current loan balance of $82,000 and a purchase price of a new home of $650,000.

Bridge Loan

75% LTV of your estimate sales price of $520,000 nets the bridge at: $390,000
9.25% (APR 9.29%) interest only and monthly no payments needed (interest only accrues and is payable upon successfully selling your home)
Bridge would payoff your existing $82,000 mortgage on your current home
Estimated net after loan payoff and closing costs for bridge: $296,500
Upon selling your home your bridge payoff of $390,000 (plus accrued monthly interest only will be paid off and your will pocket the difference (less RE fees/closing costs)

New First Mortgage for Purchase

You have to use this same investor for this as that is part of the requirement to get the bridge loan
Take the $296,500 and apply to the purchase price of $650,000 which leaves $353,500 owed for the purchase
New first loan is 57% (estimate as we will build closing costs into this loan-4% or so of the loan amount: $370,500
Rates are in the low 7 to mid 7's for this loan
$370,000 less settlement on new first and $296,500 from bridge finalizes your purchase of $650,000
Upon selling your house you take the difference between the final sale price, less settlement charges and pay off the entire $390,000 bridge and the rest of the money is yours to keep.
This loan closes simultaneously with the bridge loan above

Please reach out to our team of mortgage advisors with over 30 years of experience to learn more about how we can help you with our Bridge Loan programs or any of our other exciting range of diverse mortgage products. We are confident that our flexible solutions can help you achieve your home buying or investment dreams. We look forward to working with you and assisting you in finding the perfect mortgage option.

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