Borrowers were planning to list their $2M home in the spring, but their forever home came on the market over the winter. They had to make a quick offer, needing funds to close on a $2.6M purchase in Tiburon.
Borrowers were well-qualified for conventional (800+ credit with strong assets) but it was not an option in this scenario.
CHALLENGE
Borrowers were competing against multiple offers, some of which were all cash.
A sale contingent offer, especially an extended sale contingency, would have been a non-starter.
SOLUTION
We provided a $2M bridge loan so the borrowers could win the offer and complete the purchase and move in on their schedule.
RESULT
A bridge loan is a great option for borrowers who are looking for flexibility and convenience of time when they are faced with selling and buying.
Borrowers were able to refinance within 4 months after they listed and sold their departing home.
Borrowers were able to sell their departing residence empty, freshened up, and staged. Recouping some of the costs of the bridge.
