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Answers (11)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Andrew,
No other comment?
Happy funding, Rudi
No other comment?
Happy funding, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Andrew,
Blanket Loan: Is a loan that is usually used to purchase several, or at least more than one property.
Cross-Collateralized Loans, Bridge Loans & Swing Loans, basically the only difference is terminology. They are identical in purpose. They are short term equity based (1st, 2nd or 3rd position) loans on currently held property, allowing for the purchase of another property, until the vacated property is sold.
Happy funding, Rudi
Blanket Loan: Is a loan that is usually used to purchase several, or at least more than one property.
Cross-Collateralized Loans, Bridge Loans & Swing Loans, basically the only difference is terminology. They are identical in purpose. They are short term equity based (1st, 2nd or 3rd position) loans on currently held property, allowing for the purchase of another property, until the vacated property is sold.
Happy funding, Rudi
- Andrew Adams, "203K Specialist"
- Contributions:9349
Never a good idea to advise clients to commit bank fraud!
- shapiroamg
- Contributions:3058
that might be a small problem for the heloc lender.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Peter,
When you do that bridge loan do you tell the lender the borrower intends to sell the property?
When you do that bridge loan do you tell the lender the borrower intends to sell the property?
- Peter Boyle, "Peter Boyle MN"
- Contributions:20
I bridge loan is simply a Home Equity Line of Credit put on your current home, which is used to make a down payment on a new home. They used to be plentiful before the mortgage market melt down in 2006. But with the decline of real estate values since 2006, most lenders have quit issuing true Bridge Loans and have severely curtailed the amount they will lend on standard HELOC's. At this point I am not aware of any banks issuing HELOCs that are purposed as Bridge Loan Financing. If you have not put your house on the market yet and have sufficient equity to obtain a standard HELOC, that may be an option to draw out what equity you can. Other than that you may need to come up with the down payment without tapping your home equity, or else sell your home before you buy the next one.
- shapiroamg
- Contributions:3058
In my opinion difficult to find. There may be private sources so ask around your town.
- Andrew Adams, "203K Specialist"
- Contributions:9349
@ Rudi,
We cross collaterlize properties (Blanket Finance) but we don't do that on a property that will be sold. Bridge financing in my experience is strictly short term.
It's always interesting to see what the same terms mean to different folks.
We cross collaterlize properties (Blanket Finance) but we don't do that on a property that will be sold. Bridge financing in my experience is strictly short term.
It's always interesting to see what the same terms mean to different folks.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
What sort of bridge are you thinking of buying. Do you intend to live under it, or will you rent out that space?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Talk with a few local banks and credit unions. Now, most lenders refer to this as a cross-collateralized loan.
Best wishes, Rudi
Best wishes, Rudi
- Andrew Adams, "203K Specialist"
- Contributions:9349
It may be easier to find a loan for a Bridge than to find bridge financing. You would likely have to get your first mortgage from the same lender that provides the bridge financing, start with who you are getting your first loans through.
Where can one get a bridge loan?
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