The sale of an existing property as the sole or primary source of funds for a new home purchase can provide unique challenges. The buyer could hold out for a better offer on the current house, but by that time the new one could be sold. Bridge loans are the answer, and at SteveKnowsLoans, we’re the ones to help you get one.
Explain what a bridge loan is.
With a bridge loan, a buyer can get the funds they need for a down payment on a new house without having to wait for the sale of their current property to close. Sellers may be hesitant to accept an offer from a buyer who includes a contingency requiring the sale of the buyer’s current home. A bridge loan can provide the funds for an offer and closing, allowing the buyer to avoid losing the contract. The loan is paid back when the existing home is sold by the buyer.
Advantages of bridge loans
Our expert mortgage loan officers assist borrowers in securing the advantageous bridge loan funding that follows:
- For loans with an LTV of 65% or less, we use preexisting valuations that are no more than nine months old.
- Our clients receive the loan conditions within a day.
- There are no hidden or up-front costs.
- There won’t be a lot of surprise fees for our customers.
We’ve helped purchasers from all over the country get approved for bridge loans to purchase a wide variety of homes. We are able to provide borrowers with a wide range of loan options and conditions because of our familiarity with the mortgage and real estate industries.
- Acquisition and Refinancing
- Renovation and cash-out finance
- Maximum $20,000,000 in loans
- No required minimal FICO score
- Amounts up to 80% LTV
Talk to SteveKnowsLoans Right Away!
Get in touch with a SteveKnowsLoans loan officer today to learn more.
Call Steven Jackson at 813-616-9411 now!
