HOW TO BRIDGE A MORTGAGE.
PART TWO

Last week, I shared with you a bridge loan option offered by one of our lenders. This time, another lender shared with us a different bridge opportunity. In the previous case the lender combined two properties together and the loan amount was 55% LTV minus an existing loan and expenses.

The alternative is to get cash out from the departure property up to 75% LTV. After deducting the existing mortgage, the balance is going to be held in escrow until the new property transaction comes to an end. The money can be used to do necessary repairs and staging to get higher value. There is no monthly payment for twelve months and daily accrued interest is going to be deducted when the property is sold.

We’ve learned about this option during a presentation made by LendSure Mortgage during our recent staff meeting.

A video excerpt of that presentation is available at this link.

With any questions on the subject, please call me at (415) 225-7920.

Or send me an email at [email protected].

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602