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How can I secure a "hard money". 3-6 months bridge loan until my $1,000,000, just listed home sells?

There is a mortgage on our primary home as well. Estate funds for covering this second home have run out, and our debt-to-income ratio will not permit standard borrowing on either home even though there is ample equity. This second home is a scarce property in pristine condition and should move reasonably well.
Thank you.

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December 18 2008 - Marco Island
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also, be aware that short term hard equity loans come with punitive early prepayment penalties.  i recommend you request written good faith estimates AND have the pre-payment penalty completely disclosed and unambiguous from at least three brokers.
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December 18 2008
George, it sounds like you may have already explored the option of traditional financing and were not successful. I would suggest contacting a reputable mortgage broker in your area. There are a number of hard money lenders that would loan on a situation like this for short term money. A good connected broker would have contacts with hard money lenders.  
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December 18 2008
First step would be to get the house appraised based on local market conditions...your local bank can suggest an appraiser they approve of.  Based on that number talk with them and see what can be worked out...maybe an equity line. Good luck!
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December 18 2008
I would suggest you contact your local bank and see if they would consider this.  If you just listed this home I would plan on a 1 yr time frame. 
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December 18 2008
 
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How can I secure a "hard money". 3-6 months bridge loan until my $1,000,000, just listed home sells?
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Latest answer by Marcelo Hernandez
December 18 2008 | 4 answers
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