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What is a Consumer Bridge Loan?
Do you have the clients who are ready to buy but haven’t sold their existing home yet?
In this tight market, a bridge loan might be the perfect solution for YOU & your CLIENTS.
If they've lived in their home for a while, and have built up some equity, they may be able to qualify for a consumer bridge loan.
Here's how a consumer bridge loan works:
Buyer finds a home they want to purchase. You are the selling agent.
They don't have the cash for a down payment and they don't have the income to qualify for two homes. They're in a bind. A bank won't lend them money for the second home until they pay off their first.
You offer them a consumer bridge loan that “bundles” the two loans into one, with an 11-month payoff. They move into their new home, make any improvements to their old home in order to get it ready to sell, and you sell it when it's ready.
Your client gets in a new home without the stress & hassle of selling their existing home while simultaneously buying/financing their new home.
You get two commissions and a lifelong client.
Need more information? I can sit down with you and give you all the details. #bridgefinancing #consumerbridgeloan