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FLORIDA

SINCE 1995

DIRE‍‍‍CT LENDING

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This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.  

BRIDGE FINANCING

Financing designed to let you move into your new dream home, when your old home hasn't sold yet.

 

Is your new home ready to close, but your old home hasn't closed yet?  If your current home has been on the market for a while, but your closing date on a new home is approaching, we can help.


With our FLEX Bridge Loan, we will finance up to 60% of the combined appraised value of both homes, less any existing liens/mortgages on the property being sold. (existing loans are paid off and financed into the new loan).  This program works especially well when the old home is owned free and clear or has minimal financing left.

  • 11 Month Term, Interest-Only payments
  • Collateral can be: 1) Property selling 2) Property purchasing *OR* 3) Both Properties. (All homes must be in Florida)
  • If two properties are being mortgaged, then there will be two appraisals. (one for each property)
  • Typically 1st lien position; however, this is reviewed on a case-by-case basis.
  • Reserves of 20 months of all debt (after closing) must be documented
  • Full-Doc only
  • Borrower must have clean credit; however credit scores are NOT considered for underwriting or pricing purposes.
  • Current interest rate is 4.50%, Interest-Only for 11 months.   No prepayment penalties.

This program offers a terrific way to meet stressful pending contract deadlines with builders and other sellers.  If you have any questions about our bridge loan financing, we'd love to assist with all of your questions.

 

At a Glance

Minimum Down Payment

Varies. Largely depends on the amount of equity in the old home.

PMI

None

Minimum mid-credit score

No score minimum; however credit history must be deemed acceptable.

Min/ Max Loan Amount

$100,000 - $6.5 Million

Loan Repayment Terms

Interest-Only for 11 months

Collateral

Property purchasing, Property selling, or Both (cross-collateralized)

Prepayment Penalties

None

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

LOAN SIZE LIMITS

$100,000 - $6.5 Million

OCCUPANCY

  • Primary Residence Only *

* Note: a property will be automatically be considered an investment property if any of the following apply:

  • Only rented when the borrower is not at the property or rented for any length of time
  • If the property is managed by a firm handling rentals
  • Developments that allow for short term rentals, even if the borrower doesn't intend to rent the property
  • Anything with a 1-3 day minimum rental

ACCEPTABLE HOME TYPES

  • Single Family Homes
  • Planned Urban Development (PUD)
  • Condominium

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KEY FEATURES  

  • No Escrow Impounds - Self-management of property taxes & homeowners insurance.
  • Reserves - Minimum 20 months of all expenses
  • Documentation - Full doc only - Asset Depletion may be used to qualify. Under this program, we calculate Asset Depletion as follows: Total liquid assets remaining after closing, less required reserves ÷ 240 = monthly income.  This allows us to qualify a borrower with over 30% more income than a traditional Conventional loan asset depletion calculation.
  • Appraisal requirement - If two homes are being used as collateral, then at least one appraisal per home will be required.  If a home is valued at < $1MM, then a second appraisal may be required.
  • Maximum Seller Contribution - 4% of sales price

CONTRACT DATE APPROACHING, BUT YOUR OLD HOME HASN'T SOLD YET?

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation