How It Works
Buy before they sell!
Allows homeowner to make “cash-like”/no sales contingency offers
No prepayment penalty or minimum interest
Homeowners avoid moving twice
Gives homeowners time to stage their current home to possibly net a higher sales price
Not full doc
Fast close- as quick as 7-14 days
Bridge Loan Explained
Case Study #1: Multiple Offers and No Current Employment
A successful CMO, was in between employment contracts, and was having a difficult time qualifying for a loan. She had her eyes on a home that had multiple offers, so she needed an edge.
Her Mortgage Banker and Realtor referred her to Pacific Private Money, and we were able to secure a $3.3M Bridge Loan and close in 21 days.
30 days later, having time to move out and stage, the client’s Mill Valley home sold for $100,000 over asking. And with her new employment contract in place, she was able to refinance into a traditional mortgage.
Case Study #2: Closing with Minutes to Spare
With their eyes on a beautiful $2.6M home in Tiburon, a small family needed $2M to make the purchase. Their current home was not on the market yet, and was valued at $2.1M. Even though the couple was well-qualified for a conventional loan (800 + credit with strong assets), the banks would not provide them with a mortgage on their dream home.
To avoid the stress of selling their home in a rush first, the family reached out to Pacific Private Money. We provided them with the $2M bridge loan they needed to complete the purchase and move in on their own schedule. Our transitional bridge loan can be a great option your borrowers who are looking for flexibility and the convenience of time. When the borrower has sold, we will always refer them back to you for a refinance
Case Study #3: Buying a Bigger Family Home when Traditional Loans Won’t Work
A growing family with two young kids found the perfect house in Ross, but they could not qualify for a traditional loan as they had not yet sold their current home. Their loan officer suggested they sell their current home first, which meant losing out on the opportunity to purchase the property or contact Pacific Private Money for a bridge loan so they could buy first then sell.
Working closely with the family to understand their situation, the team at Pacific Private Money saw they could qualify for a $1.2M Bridge Loan as long as the client had a signed listing agreement on their current home. This qualification landed the family the ideal home for raising a family. What a great way to send your go-to realtor a listing. And, the referring loan officer was able to refinance the clients into a long-term conventional loan.