Bridge financing is a fantastic addition to your lineup of loan offerings because of the advantage your clients will get to experience in having their offer on a property accepted. Equipping your borrowers with access to the equity in their current homes will allow them to make stronger offers on a coveted new home, putting them in a better position than those waiting to sell their current homes first. Being able to make a winning offer and enjoying no monthly payments on the bridge loan* is sure to bring more clients to your business.
How is a Bridge Loan used?
Let’s break it down. A bridge loan is a short-term loan that can be used in conjunction with the loan on a new purchase property. When teaming up with LendSure, both the bridge and new purchase loan must be done with us. Through this program, the borrower can access the equity in their existing home by getting cash out to use as down payment on the new home. The bridge loan also pays off the existing mortgage.
Bridge Loan on Existing Property
The existing property gets listed for sale and the bridge loan gets paid off when the home gets sold. The bridge loan is a short-term one-year loan, with no monthly payments, and no prepayment penalties.* Because there are not payments, the DTI is not calculated in the existing property’s loan.
Loan to Purchase the New Property
The borrower can now make an offer on their new home by using the cash-out proceeds from the bridge loan as a down payment. A wide variety of loan programs are also available to choose from. For example, income from self-employed borrowers can be calculated using bank statements.
Why should I consider a bridge loan for my borrowers?
Bridge Loan can be a perfect solution for a borrower seeking to purchase properties between $150,000.00 and $1.5million, but whose cash is tied up in another property. By working with LendSure, you’ll receive guidance working through the details of each step in the process. Bridge Loans empower your borrowers to move fast on a desired property without having to first sell off another asset. It’s an effective way to stand out and be successful in a highly competitive purchase market.
How does it work?
At LendSure, prequalification for bridge loans can take as little as 24 hours, and full conditional approval is usually complete within 48-72 hours. LendSure offers quick funding times and a customer-friendly approach to Debt-to Income calculation. By providing fast solutions to clients, your business will get to enjoy a high potential for growth.
Why should I become a bridge loan expert?
Our bridge loans can help you build a stronger business relationship with your realtor associates, which leads to more referrals. Offering non-QM options like bridge loans to your borrowers, means you’re putting their needs first by offering customized solutions that help them accomplish their goals.
In today’s increasingly competitive real estate landscape, buyers need to be empowered with swift, successful transactions. Bridge loans can be the perfect solution for buyers seeking to purchase properties, but whose cash is tied up in another property. It’s that simple.
Why LendSure Mortgage Corp.?
Headquartered in San Diego, California, LendSure Mortgage Corp. was founded in 2015 to help mortgage professionals better serve their clientele by offering a wider range of programs to meet their needs. LendSure Mortgage Corp. offers a comprehensive range of non-QM loan programs for borrowers that don’t fit conforming guidelines.
When you partner with LendSure Mortgage Corp., you get access to outstanding loan products, superior customer support and outstanding guidance throughout the process, thus empowering you with a competitive edge. By expanding your lineup of options to include non-QM loan solutions as well, you’ll prove to be an innovative resource with a full arsenal of tools available to meet almost any need.
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.
*A one-time repayment is due at the end of the loan term or when the property sells, with interest accruing during the life of the loan. Other restrictions and limitations may apply. Granting of loan is subject to the credit and policy requirements of LendSure Mortgage Corp.