In a housing market characterized by a lack of supply and intense competition among bidders, buyers with cash have an advantage.
But for many homebuyers, their money is locked up in the equity of the home that they’re selling.
Enter the bridge loan, a type of loan that addresses the problem of locked-up equity—and gives your borrowers an edge in a hot housing market. With a bridge loan, your borrower looks a lot more like a cash buyer, a big plus in a competitive bidding situation.
Bridge loans are a fantastic solution that allows your borrowers to make stronger offers. Bridge loans equip borrowers with access to the equity in their current home to buy a new home, allowing them to move quickly to take the desired action – all with no monthly payments on the bridge loan.
In today’s market, you have to work really hard to get your deals. Bridge loans can help ensure these deals get closed.
You’re busy, you’re trying to grow your business, and we know it’s easy to turn to traditional products that you’re familiar with. But if you’re not offering Non-QM programs like bridge loans, it’s time to readjust your thinking about loan solutions for clients. Some buyer scenarios don’t fit into the traditional mold. When you partner with LendSure, you can offer bridge loans with confidence. Trust us to handle all of the details so you can continue to provide outstanding solutions to your clients.
What is a bridge loan? A bridge loan is a short-term, one-year, single-payment loan that borrowers used to get cash-out of a property they’re selling in order to purchase another property—before the sale. In a housing market that remains hypercompetitive, buyers often need to move quickly. One caveat is that the property that is being sold—known as the “departing property” in bridge loan parlance—must be listed in the MLS. The cash taken from the departing property will be used as a down payment on a property that a borrower wants to buy. With no monthly payments due, one balloon payment is due when the departing property is sold. Both departing loan and new property loan must take place with LendSure to ensure a seamless process.
Why should I consider a bridge loan for my borrowers? Bridge loans can be complicated, but when you partner with LendSure, we’re by your side doing all of the detailed work through every step of the process. LendSure’s bridge loans are a really smart solution for many borrowers. Allowing your borrowers to make an offer in challenging circumstances, bridge loans provide equity and buying power for borrowers seeking to move fast on a desirable property without first selling off another asset. It’s an effective way to handle a tough situation.
How does it work? At LendSure, prequalification for bridge loans usually takes place within 24 hours, and full conditional approval is generally complete within 48-72 hours. That means you’re providing speedy solutions to clients, which leads to more closings. LendSure offers quick funding times and exceptional service, leading to more word-of-mouth referrals for you.
Why should I become a bridge loan expert? Our bridge loans make you look like a hero to the Realtors you work with. And that means that those Realtors will keep referring business to you. By offering Non-QM options like LendSure bridge loans to your partners/borrowers, you’re putting their needs first while offering customized solutions that lead to happy borrowers and fast closings. That benefits everyone!
In today’s incredibly competitive real estate landscape, buyers need to be empowered to move quickly to be successful. Bridge loans can be the perfect solution for buyers seeking to purchase properties between $150,000 and $2M but whose cash is tied up in another property. It’s that simple.
Want to provide outstanding solutions to your unique clients? Add LendSure bridge loans to your offerings. In doing so, you’ll become known as the innovative resource with a full arsenal of tools available to meet almost any need.
At LendSure, our experienced Non-QM team partners with loan officers like you for a commonsense approach to lending. We’ll guide you through every step of the process, offering solutions that ensure happy clients. That positively impacts your bottom line. And who doesn’t love that?
We don’t just offer outstanding loan products that are different from all the rest and matchless support and guidance throughout each loan process, we also help you market yourself and those loan offerings to your clients.
Common sense lending: it’s what we do best. If a loan makes sense, LendSure will consider exceptions to our own guidelines to fund that loan. When other lenders have said “NO”, come to LendSure to discuss your loan scenario and see if we can find a great solution for your borrower.
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about Non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.