Equity Bridge Loans
The Equity Bridge Loan allows borrowers to use the equity in their current
home to finance the down payment and closing costs on their new home.*
A short-term loan for borrowers who need more time to find permanent financing.
Not used much anymore, bridge loans are obtained by those who have not yet sold their
previous property, but must close on a purchase property. The bridge loan becomes the
source of their funds for the down payment. One reason for their fall from favor is
that there are more and more second mortgage lenders now that will lend at a high loan
to value. In addition, sellers often prefer to accept offers from buyers who have already
sold their property.
- 6 month term
- Fixed rate
- 90% CLTV if the property is under contract
- 80% CLTV if the property is listed
- Purchase and Bridge Loans are submitted at one time
- Max loan amount is $417,000
- No payments due, principal and interest due at the end of 6 months
- Minimum credit is 620 for all borrowers.
Don’t miss out on your new home just because your
current home hasn’t sold yet! Call Today!
Read more about Bridge Loans in our BLOG.
* Additional terms and conditions apply
Got a followup question? Ask here and have a lending specialist answer it!
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