A homeowner moving from Larkspur, CA to Novato, CA had his down payment equity tied up in the unsold Larkspur house and would have to make a risky non-contingent offer to place a competitive bid.
The borrowers were unable to qualify with two larger mortgages. Without an alternative, the borrower would have been under immense pressure to simultaneously sell the Larkspur property to complete their purchase.
We provided the customer with a cross-collateralized bridge loan for $1,750,000 million to fund a non-contingent offer on the Novato property.
Within six months, the customer sold the Larkspur home and used the proceeds from the sale to refinance out of our loan and into a long-term, lower-interest conventional loan.