Sometimes a bridge loan of less than a year is the perfect option for a person wanting to buy a home while waiting to sell their existing principal residence or when a person needs additional money to finish construction of a new residence.
This month's newsletter describes Mortgage Vintage's Bridge Loan Purchase and Construction Programs and a recent transaction in Huntington Beach where this bridge loan made sense.
~ Sandy MacDougall
Recent Transaction:
Residential Purchase Bridge Loan
Address: Huntington Beach, CA
Property Type: SFR
Loan Type: Owner Occupied Bridge
Loan Amt: $300,000.00
Loan Term: 30 yr amort/ due in 11 months
Rate: 11.25%
Guaranteed Interest: 3 months LTV on Purchase Price: 33.15%
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Borrower Testimonial for the above transaction
"I wanted to move my wife and child to a better family neighborhood with great schools. We found an incredible house at a bargain price. With the help of a Mortgage Vintage, Inc. Pre-Approval letter and our assurance of a short Escrow, the seller accepted our offer. My dilemma was that I needed to close quickly but had not sold my current residence. I had a substantial down payment saved up but did not have the capital to close the purchase of the new house. Without the time to find and secure a conventional loan I needed to find another fast and professional financing option. I decided to look for a hard money lender and found Mortgage Vintage, Inc and their Purchase Bridge Loan Program. Sandy and his team delivered flawlessly on their loan commitment and we closed the purchase transaction in a week. My child enjoys her new school and we are very happy in our neighborhood family home."
- D Bonaventura, Orange County CA
Residential Bridge Loan Program
Construction Bridge Loan:
This loan program provides funds to finish construction on a Single Family Principal Residence.
Purchase Bridge Loan:
This loan program provides funds to purchase an owner occupied home while attempting to sell a borrowers current principal residence.
Lending Criteria:
Short-Term Bridge (<1 year)
Single Family Principal Residence (Owner Occupied)
