You’ll love:

Creating a new home buyer now by freeing up equity faster, before the current home is sold!
 

Features:

Bridge Loan allows your borrowers to use up to 80% of the value of their for-sale home as the down payment for their new home purchase. The Bridge loan is used to refinance any existing mortgages on the for-sale home, to pay title expenses and loan fees, and to cover six to nine months’ interest in advance. The remaining proceeds are available for the new purchase, which can be financed using almost any full documentation purchase-money product.
 

Benefits:

Bridge financing is not considered when qualifying for a new home purchase allowing the borrower to qualify for “more home”.

No out of pocket payment for at least 6 months (any unused portion of the pre-collected interest will be refunded upon sale of home)

Sale of current home need not be a distress sale-Bridge allows up to twelve months to repay.

Removes the contingency on the purchase transaction

Bridge proceeds can fund all costs for both the Bridge and the Purchase transactions.