The Arrival Home Loans bridge loan product is a unique type of mortgage option due to its specific purpose and characteristics.
While bridge loans are not for everyone, there are a multitude of situations where this type of loan product is the best and only fit. Below you will find the top 10 reasons to consider the Arrival Home Loans bridge loan for your next big move.
- Facilitating a Home Purchase: If you find your dream home but haven’t sold your current one, a bridge loan can provide the necessary funds for the new purchase while you wait for your existing home to sell.
- Quick Closing on a New Home: If you need to close quickly on a new home, a bridge loan can provide the necessary financing while you work on selling your existing property.
- Opportunity Investment: Bridge loans can be used for investment opportunities that require quick capital infusion. This might include buying property at a favorable price or investing in a time-sensitive business opportunity.
- Renovations or Repairs: If you plan to sell your current home but it needs renovations or repairs to fetch a better price, a bridge loan can cover these costs upfront.
- Avoiding a Contingent Sale: In a competitive market, making an offer contingent on selling your current home can put you at a disadvantage. A bridge loan allows you to make a stronger, non-contingent offer.
- Downsizing or Upsizing: If you’re planning to downsize but haven’t sold your larger home, a bridge loan can help bridge the financial gap. Similarly, if you’re upsizing and need additional funds for a more expensive property, a bridge loan can assist.
- Alternative Documentation Allows for Easy Qualifying: A great fit for self-employed borrowers.
- Avoiding Timing Gaps: Bridge loans can help avoid timing gaps between the purchase of a new home and the sale of the old one, preventing the need for temporary housing or storage.
- Vacating your current home: Vacating your current home and all your personal belongings allows for professional staging, which has been shown to increase the selling price of homes.
- Eliminate the potential of moving twice: If your current home sells prior to finding and closing on a new home, you may need to obtain temporary housing until you close on your new home.