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Updated about 1 year ago on . Most recent reply

User Stats

198
Posts
180
Votes
David S.
  • Rental Property Investor
  • Larkspur, CO
180
Votes |
198
Posts

Best “bridge” loan option under $100k?

David S.
  • Rental Property Investor
  • Larkspur, CO
Posted

We are looking to buy a new primary but want to do so without selling our current primary first. This would require an additional sum of $60-100k for 6-7 months. We have no debt but don't want to set up a HELOC or mortgage just for that sum.
What is the best product for this? Seller has opted not to do any seller financing, so that option was a dead end. 
Thanks!

Most Popular Reply

User Stats

198
Posts
180
Votes
David S.
  • Rental Property Investor
  • Larkspur, CO
180
Votes |
198
Posts
David S.
  • Rental Property Investor
  • Larkspur, CO
Replied

I actually stopped in my bank today and asked them what they had for this scenario. I was pleasantly surprised to find they can give me a sub $100k heloc for just $400 origination, $75 per year after the first year, prime plus 1%, and it only requires a “desktop appraisal” which involves looking at our home online and pulling the deed. And of course the requisite credit inquiry and asset questions. 
Not a bad setup, and I guess I solved my own question, but I’ll leave this here for the next person wondering the same. 

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