Home > Hard Money Loans – Private Money Loans > Bridge or Temporary Loans

Bridge or Temporary Loans – Purchase and Refinance (California Only)

bridgeloan

Everything You Want to Know About The Loan Programs

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.  This loan has a term of 11 months with no prepayment penalty, meaning the borrower can pay off this loan any time within the 11 months.

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 11 months, with the Borrower having an exit strategy within this term, to refinance. This distinction is based on Federal and State guidelines.

goldengatebridgeloans

Why Would You Get a Temporary or Bridge Loan?

  1. Accessing equity in one house to purchase another, bridging the gap between the sale of one home and the acquisition of another.
  2. Avoiding the hassle and cost of moving twice when purchasing a new home.
  3. Having an offer accepted without any contingencies.  Offerings with a contingency to sell a present home first, could be considered weaker offers and could be disregarded by Sellers.
  4. Having an offer with a short loan contingency can sweeten one’s purchase offer to Sellers, potentially getting your offer accepted over others.
  5. Our Private Lenders firstly look at equity, not at creditworthiness.
  6. Our Private Lenders welcome short-term loans, unlike conventional lending institutions.
  7. Bridge/Temp Loans are exempt from the “ability to repay” rule.

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 up to 65% – 75% LTV, case by case basis..

How Can Sun Pacific Mortgage Help?

In our 3+ decades of business since 1988, we have been able to assist many borrowers with this type of alternative home financing. 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.


Don’t hesitate to CALL NOW (707) 523-2099 for a free proposal, have any questions answered, or to start your loan process.


Got a Question?

Do you have a question? We can help. Simply fill out the form below and we’ll contact you with an answer, and no obligation to you. We guarantee your privacy.

    * We ONLY Offer Loans for California real estate.
    * Minimum loan amount starts at $150,000.
    * ARV/Future Value Financing not available
    * We don’t provide personal loans.

    Your Name (Required)


    Your Email (Required)

    Your Phone Number (For only us to call and answer your questions)

    Subject


    Are you inquiring about a loan for (Required):

    Are you trying to get a loan for (Required):

    Is your desired loan above $150,000 (Required):

    Please confirm this loan request will be against real estate - We do not offer personal loan financing (Required).

    Your Message

    By clicking "Send" below, you accept our Terms and Conditions and Privacy Policy.

    Bridge or Temporary Loans