Who are our Bridge Loans Best Suited For
This loan is a great option for someone who currently has their home on the market or thinking about selling their home and an amazing opportunity comes up and you are in need of immediate cash and cannot wait for your home to be sold. This bridge loan is ideal to “Bridge” the gap in time and give you the opportunity to transact on the “Opportunity” and simultaneously sell your home without having to fire sale it.
This loan is ideal for Builders / Rehabber’s/ Investors who may have construction loans / hard money loans or a loan that you must get out of. This loan affords you the opportunity to pay off the existing financing and allow you the ample time to sell your property without having to compromise on price.
How Bridge Loans Work
These loans are Portfolio Loans that are not connected to any Government Agency. Approvals are heavily focused on your property, the equity position, and the location.
Loan Program for Bridge Loans
- Loan Amounts up to $30 Million*
- Maximum Loan to Value is 55%
- A minimum credit score of 680 is required for the program
- Underwriting Flexibility - NO Debt to Income (DTI) calculated
- Minimum of 12 Months Reserves required
- Primary Residence, Second Home and Investment properties are eligible on this program
- Single Family Homes, 2- 4 Unit homes are all eligible for financing.
- Interest Only Available
- 12 Month Term with an option for an additional 2 six-month extensions
- Vesting in Trusts, Sub S Corporations, LLC’s, and Partnerships allowed
- Minimum Loan Amount is $1,000,000.00
* Loan Amounts vary based on LTV, Credit, and overall creditworthiness