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!

^* Additional terms and conditions apply

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