“Bridge Financing that’s Less Expensive”

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Do you want to buy a property first and they sell your current property later? 

We have a great solution that’s cheaper than the majority of the competition.  Most hard money lenders (that provide this type of financing) charge 10% to 12% plus 2+ points for bridge financing.  We have a product that offers it at 8.5% at 1.5 points to 2 points depending on the loan amount.  Minimum loan amount for this program is $1m, up to $30m.

Notes:  Rates and fees are subject to change without notice or until locked and approved by the lender.  APR is 8.641%.

Features include:

  • 12 Month Term
  • No Prepayment Penalty
  • Interest Only Payments
  • No Max DTI (Debt to Income Ratios)
  • Departing Residence PITI Not Counted.

If you want to purchase first without selling your home first, please contact me at:

Rob McCarthy – Senior Mortgage Advisor
https://www.101loan.com
650-465-8957 c   rob@101loan.com
CA DRE #01165697 NMLS #121019
101 Loan – 99 South Almaden Blvd, # 600. San Jose, CA 95113

Products/Services/Accolades:

* Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
* Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
* Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
* Construction Financing and Private Money, also know as Hard Money
* Access to over 60 banks with over 300 “Five Star” Reviews on Yelp, Google & Linkedin.
* Over 30 years of lending experience with over $2b in closed loan volume.

Do You Want to Buy First and then Sell Later?  Bridge Financing May Be the Answer!

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Do You Want to Buy First and then Sell After ?  Bridge Financing May Be the Answer!

Bridge Financing or Collateral Based Financing is a form of financing that allows a buyer of property to buy first (and close) and then sell their existing property later.  This allows them to make the strongest offer possible in a seller’s market often times without a loan contingency.  Once they sell their property, they can pay down any debts they owe and pocket the remaining funds as applicable. 

There are several ways to accomplish this and I have included them below:

  • 1st Option – Obtain a Line of Credit on current property to pay cash or use the line for the down payment of the new property.
  • 2nd Option – Do a Cashout Refinance and use that cash for the down payment or outright purchase.
  • 3rd Option – Get a Mortgage on Both Properties using A Paper (loans with the lowest rates)) that provides the necessary money to pay “cash” for the purchase with a closing of 30 days or less.  Then once the exiting property is sold, the proceeds from that sale pay down purchase money loan leaving you with a loan based on your overall equity and loan you desire or qualify for.
  • 4th Option – Apply for a Mortgage on Both Properties using B Paper (loans with higher rates)) that provides the necessary money to pay “cash” for the purchase with a closing of 15 days or less.  Then once the exiting property is sold, the proceeds from that sale pay down purchase money loan leaving you with a loan based on your overall equity and loan you desire or qualify for.

Each of these have pro’s and cons.  In order to determine which one is best for you, please complete the following and I will provide , your client qualifies for and is in their best interest, it is best to have them complete the following at:

https://101loan.com/purchasing/

Any questions, please contact me.  Thanks.

Best Regards,

101 Loan

Senior Mortgage Advisor

www.101Loan.com

408-377-4123 o  650-465-8957 c   408-608-1921 f

101 Loan – 1601 S De Anza Blvd, Suite 260, Cupertino, CA 95014

CA DRE #01205444  NMLS #326829

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 50 banks with over 200 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.