An Owner Occupied Bridge Loan is a short term loan given to homeowners who want to purchase a new primary residence prior to the sale of their current home. Owner occupied bridge loans allow you to make a competitive offer on the home you want, sell your previous home for top dollar, avoid making a contingent offer on your new residence, and qualify for the best long-term financing option on the market.

Owner occupied bridge loans allow you to make a competitive offer on the home you want, sell your previous home for top dollar, avoid making a contingent offer on your new residence, and qualify for the best long-term financing option on the market.

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LOAN AMOUNT
$100,000 to $5,000,000

LOAN TERM
12 months

LTV/LTC
Up to 65% LTV

RATES
Starting at 10.99%

TIMEFRAME
7-13 business days

LOCATION
California

PREPAYMENT FEES
None

AMORTIZATION
Interest only

Advantages

  • Access buyer's current home equity as buying power toward a new property
  • Close quickly on a new primary residence
  • Qualify for a low-interest conventional mortgage with a better debt-to-income ratio
  • May be able to use First Bridge Lending loan in junior position to existing mortgage

Avoid

  • Overpaying for a new home
  • Accepting a low offer on the current home
  • Making contingent offers on the property the buyer wants to purchase
  • Settling for a non-ideal mortgage
  • Waiting 30+ days for traditional bank financing

Bridge Loan Process

Find New Home

Buyer identifies home 2 as new purchase property

Call First Bridge Lending

Offer terms and amount for new loan
Borrower submits offer on home 2 and opens escrow on new purchase

Access Equity

Borrower accesses equity from home 1 and First Bridge Lending funds the loan; borrower closes on the home 2

Sell Home

Borrower stages and sells home 1; pays down a portion of First Bridge Lending loan with sale proceeds

Refinance

Borrower refinances into conventional loan on home 2; pays off remainder of First Bridge Lending loan