Bridge Loans

The transition from one property to another is easy if you have the ability to sell, get the cash and then purchase. But where will you live in the meantime? What if the house you are selling doesn’t close on time? Wouldn’t it be easier if you purchased first and sold second?

NW Private Lending’s bridge loan is able to use the equity in an existing property you want to keep or plan to sell towards your next purchase. We commonly can fund 100% or more of the purchase price of the new home, so you have the time you need to move, fix up the old house, then sell. Once you sell, the loan automatically pays off or pays down the loan on your new home.

Whether it is a primary residence or another investment property, we want you to know you have options.

Loan Highlights

• Loan size: $25K–$1M
• No bank statement requirements
• No minimum FICO required
• No tax return requirements
• 100% financing available when cross-collateralizing two properties
• No prepayment penalties
• No extension fees
• Loans funded in 3–5 days (a bit longer if a primary residence)

Is a Bridge Loan Right for Me?

Bridge loans are most commonly used by developers and professional fix-and-flip investors who need capital to fund the next project while they wait for a completed or mostly completed property to sell. They are also very common in a Reverse 1031 exchange. However, in today’s competitive market we are seeing more homeowners use bridge loans to find and purchase the property they want to live in before they sell and need to move out of their existing home.

What is a Hard Money Bridge Loan?

A hard money loan is a loan that is primarily secured by the equity in one or several pieces of real estate. A Hard Money loan is perfect to help people bridge between two properties since private lenders can use the equity in one home as the down payment for a new purchase.