Bridge Loan => Conventional / NJ contacts

[Dmitri L.]

Hi All,

Curious if anyone has any experience closing a primary residence with a bridge loan or any other "cash-equivalent" product, then refi'ing to FHA/conventional later?

I'm looking at an estate sale for a property that would eventually be my primary residence, but which has a current tenant in place that wants to stay for another year or so. Was thinking to close with a bridge loan and then refi to FHA/conventional once we are ready to move in.

PROS: Am not in a hurry to move since we still have a year on our current lease. Being flexible could help beat out the competition in this crazy north NJ market at the moment (still seeing 5-10+ offers on each listing, 10-20% over asking is a minimum to play, it seems). Could maybe even bake in some rehab $ in the bridge loan to do some work before refi'ing?

CONS: Unknown rate/ability to refi in a year cos you never know what will happen in the world?

Would love to hear any thoughts/advice.

If anyone has any leads for good lenders that offer something like this in New Jersey, would really appreciate it!

Thanks as always!

Dmitri