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? Yes it would, but most lenders cannot support your new loan until you have received the proceeds from your sale. 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 Origination Fee: 3 Points (min. $2,500)
Loan Document Fee: $650-850
Monthly Interest Rate: 1% per month
Monthly Payment: Interest Only
Loan Amount Range: $50,000 up to $2,000,000
Closing Costs: Paid by Borrower
Loan Closing: 3-5 Business Days
Loan Maturity: 1 month to 10 years
Property Appraisal: Not Required
Underwriting Fee: None
Pre-Payment Penalty: Never
Extension Fee: $0 on performing loans
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.