What is a Bridge Loan?
When we speak about a bridge loan, we are generally referring to a short-term financial agreement, which will allow a buyer to purchase a property before their currently owned home is sold. These loans have a term of 12 months or less and are taken out on owner occupied properties for refinances or purchases.
What is a Temporary Loan?
A Temporary Loan refers to a Consumer Purpose Loan only. Meaning an amount of money which is lent to an individual to be used for family, household, personal purposes. The term would be for no more than 12 months, with the Borrower having an exit strategy within this term, to refinance. This distinction is based on Federal and State guidelines.
Why Would You Get a Temporary or Bridge Loan?
Property Types for Temporary or Bridge Loans
Purchases or refinances on owner occupied/primary residence properties.
Temporary or Bridge Loan Requirements
There are much less requirements for a bridge loan, which make for a quick and easy solution. The primary concern from a Lender is:
Equity – The lender is looking for enough equity in the property to secure his investment. The maximum Loan To Value is 70-75%.
In our 30+ years in business we have been able to assist many borrowers with this type of loan. They are always extremely grateful for our financial help in achieving their goals. We can make this happen for you, too!
Please give us a call with any questions or requests. You can also send us an email through our website contact form and we’ll respond promptly. We are here to assist you with all your hard money lending requirements.
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California Real Estate financing only. Minimum loan amount starts at $150,000.