Help your clients gain a competitive advantage with a bridge loan in a hot housing market.
Homebuyers across the country are facing a challenging market — high prices, and even higher interest rates are on everyone’s minds.
LendSure’s BOOST (Bridge Option Offering Seamless Transition) bridges the gap for buyers to overcome these obstacles by equipping them with the fast funding they need to close their next property successfully.
The program is simple:
BOOST will pay off their existing mortgage and provide homebuyers a cash-out option to purchase a new home.
is not like other Bridge loans.
No Monthly Payments
While traditional Bridge loans require you to pay back the first loan immediately, BOOST allows borrowers to defer payments for up to TWELVE months.
No DTI Issues
Homebuyers don’t have to worry about the DTI on the new home purchase. BOOST refinances existing liens; without monthly payments on the Bridge loan, AND without affecting the DTI on the new home purchase.
No Settling For Less
With BOOST, your clients get up to 12 months to improve, repair, and stage their departure property to secure the best possible sale price.
- LendSure will pay off the existing lien while providing your clients the cash out for the new home.
- Borrowers can use equity for down payment on their new home.
- Balloon payment due in 12 months for owner-occupied properties and 6 months for non-owner-occupied properties.
- BOOST program is only available in conjunction with financing on the purchase of new home.
- Up to 75% Loan-To-Value on loan amounts between $1MM to $1.5MM
- Up to 65% Loan-To-Value on loan amounts between $1.5MM to $2MM
Non-Owner Occupied and Second Homes:
- Up to 60% Loan-To-Value on loan amounts up to $1MM
The BOOST you need in today’s market.
When Does BOOST Make Sense?
Borrower Wants to
Buy Before They Sell
Do your clients want to buy a new property, but are still in the process of selling their old home? Selling can be stressful and more than anything, time-consuming. That’s why BOOST was made to give homebuyers the flexibility to purchase a new home without worrying whether or not the old home sells first.
Borrower Wants to
Access Fast Funds
With BOOST, homebuyers can tap into the equity of their current home and cash out funds. Whether they want to make renovations before selling or use the money for improvements on the new house, we give them the power to fund their next project.
Borrower Wants to
Look Like a Cash Buyer
It’s a fact that sellers more often than not choose to go with cash buyers. This is especially true when selling during a hot housing market. With BOOST, we give your clients a competitive advantage by allowing them to make a non-contingent offer and look like a cash buyer. This gives them a higher chance of winning a bidding war.
Ready to learn your clients’ buying power in seconds?
Bridge Loans 101
Homebuyers need to gain a competitive advantage to stand out — especially if it comes down to a bidding war.
BOOST gives them that advantage. By tapping into the equity of their current home, they have the power to make a non-contingent offer and have a higher chance of winning the bid.
Have a question? We have the answers.
What is a bridge loan?
A bridge loan is a short-term financing option designed to allow borrowers to “bridge” the gap between selling their old home and buying a new one. Until they secure more permanent financing, a bridge loan will provide temporary funds between the sale of the old property and the acquisition of a new one.
How is BOOST different?
While other lenders require borrowers to immediately make monthly payments to pay off the bridge loan, our BOOST program gives homebuyers more breathing room. We pay off the existing mortgage and do not require monthly payments for the term of the loan
Is there a timeframe for selling the departure residence?
Your client has up to twelve months to sell their current home, allowing them to secure the best possible selling price.
Can the cash from the Bridge loan be used for other purposes?
Yes, the cash out from the bridge loan can be used for whatever the borrower needs. Whether they want to pay off existing debts, cover closing costs and moving expenses, or simply make renovations on the new home to maximize their value, they can use the funds as they wish.
Will the Bridge loan affect the debt-to-income ratio on the new home purchase?
What makes LendSure’s bridge loan program so unique is that we DO NOT calculate any payment from the departure property when qualifying for the new home loan. This means homebuyers don’t have to worry about accruing more debt, and they can qualify for the home they want to purchase.
How does a Bridge loan help make a winning home purchase offer?
The bridge loan allows the borrower to make an offer to buy another property without having their departure property under contract. This means the homebuyer can make a non-contingent offer on the new property. The best part? They look like a cash buyer!
How can I determine my clients’ buying power?
It’s easy — you can use our Bridge Loan Calculator to calculate how much your client can afford. By inputting a few details about the departure property and the new home, we can give you a fast answer.
How can BOOST help your clients get the best sale price for their departure home?
BOOST can help your clients get the best price possible on their departure property. We give your client up to 12 months for owner-occupied properties and 6 months for non-owner-occupied properties to sell the property, which means that they have time to make any repairs or improvements to their departure property to get the best sale price possible!
Still searching for answers?
Calculate your scenario in seconds.
Crunching numbers doesn’t have to be a long or tedious process. Thanks to our exclusive BOOST calculator, you can now calculate your clients’ bridge loan deals in seconds! All you have to do is input a few details, and our calculator will produce the numbers for you!