The desirable real estate market in California can make selling a home hectic. Buying a home at the same time may seem impossible, especially if you’re on a tight budget. By talking to bridge loan lenders and hard money lenders, however, you may soon find that applying for private money loans California can make the buying and selling process easier.
The Fastest Way To Get Money
Bridge financing is the quickest way for home buyers to get the money they need in just days, since hard money bridge loans borrow against the real estate’s existing equity. Though funding owner-occupied residential bridge loans can take up to two-and-a-half weeks due to federal regulations, they can still be approved and funded faster than any other private money loans California.
Real estate prices can skyrocket to over six figures in prime areas such as Los Angeles, Orange County, San Diego and the San Francisco Bay Area, but big numbers shouldn’t stop a buyer from purchasing his or her dream home. If he or she already owns a home, that homeowner is likely sitting on all the money he or she needs already.
Flexibility When It’s Needed Most
When in the market for a new home, buyers might find the perfect property but lack the liquid assets needed to afford the down payment. Making a sale on their current home only invites more problems; they’re left scrambling to find a temporary residence while waiting to finalize the sale on their new home and they have to go through the hassle of moving twice.
All these complications can be easily avoided by looking into bridge financing. Bridge loans can borrow from the equity of the buyer’s current property or be used in reverse and secured to the new property. These simple, easy loans are perfect for padding out down payments or making full cash offers, which are more likely to seal the deal with the seller. Once the sale is finalized and the buyer’s previous property is sold, he or she can use that money to pay off the bridge loan in a timely manner.
A Great Solution for Anyone
Unlike some other private money loans California, eligibility for bridge loans isn’t exclusively based on the credit score of the borrower. Lenders are typically focused on property value, which makes bridge financing a great solution for families who don’t have their credit score in top shape.
Bridge loans are also ideal for seniors and retirees looking to buy a new home. Without the income from a salary, retirees might find it difficult to secure the funds necessary to afford a down payment on a new property. By looking into a bridge loans, seniors can avoid stressing over approval based on a debt-to-income ratio. Instead, they can put money down on a new home as soon as they want to.
If you’re in the market for a new home in the Golden State, private money loans California can reduce the stress and difficulty of buying and selling at the same time. Bridge loans are a great way to get funding quickly and securely, so contact your local private investment firm to learn more today.