Looking for lenders that offer a Bridge Loan.

Have you checked with local bank's or credit union's in your area?

A bridge loan is really just a home equity loan in most cases on your existing home that you can use for down payment on a new home when your existing home hasn't not yet sold. They are almost exclusively a product of your small community banks and credit unions.

a true bridge loan is a loan that uses the equity in the present home you plan to sell .. this debt is also not included in the qualification ratios for the new loan ...true " bridge financing " is hard to find ....as Joe mentioned - the HELOC ( home equity line of credit ) is now the product of choice when trying to tap into present homes equity to use it for down payment on new home.....some possible heloc issues are 1) most lenders will not provide these if property is on the market 2) most lenders want 700 credit score 3) most lenders will max out at 90% combined loan to value

More info needed,, but in general, Bridge loans are temporary loans that you apply for with the intent of replacing them with permanent financing later. This is used in commercial financing all the time. Commercial loans can take months and moths to obtain, and sellers wont tie up a commercial property for months without ever knowing if the borrower can actually qualify, so borrowers will use bridge financing to secure the property upfront, then apply for more permanent commercial financing to pay off the bridge loan.. this whole process can take 6 to 9 months to obtain. Now if you are talking about a bridge loan on a primary residence, then that would mean either you or the property will qualify for conforming financing now, but you think you will qualify sometime in the future.. so you're looking to buy a home now, then refinance later when you (or the property) meet conforming eligibility requirements. In our industry, we call those non-QM loans, portfolio loans, or hard money loans. Yes, they are available, but the rates and terms are not pretty.. again, it's difficult to advise you without knowing all the details or what your actual motivation is... So, the best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893