A bridge loan can assist retirees on a fixed income move closer to family and purchase a new home, even if they don’t qualify for a conventional loan.

We recently helped a client who was on a fixed income purchase a $400k condo near their relatives using a bridge loan. We did not solely focus on the clients income and instead looked at the amount of equity they had in their old home which was worth over $800k. The clients goal was to purchase their new condo, sell their old house, and then pay off our bridge loan. We provided the client a bridge loan that allowed them to pay cash and even close quickly for the condo. They then sold their home and paid off our bridge loan 3 months later. The client was able to pay off our bridge loan (without any pre-payment penalty) as soon as their house sold and were able to qualify for our bridge loan even though they were on a fixed income.

Entrepreneurship is hard enough without thinking about a typical mortgage. If you’ve been self-employed for less than two years or transitioned from a w-2 employee to a 1099 contractor recently, you may not qualify for a conventional mortgage.. Hurst Lending created a bridge loan to enable you to purchase your ideal house before you have a full two year income history.  Once you have two years of self employed income, we then refinance you into a conventional loan. 

We recently helped a client that moved from a w-2 job to a contractor role 18 months ago.  The client could not obtain a conventional loan since they did not have a 2 year self-employed income history.  We provided them a bridge loan to purchase a home and once thier tax returns were completed 6 months later, we refinanced them into a conventional loan.  This helped the client purchase a new home without having to wait until they had a full two years of self-employed income history.  

Operating or working at a restaurant is hard enough without thinking about a typical mortgage. If you’ve receive a substantial portion of your income via tips you cannot get a conventional loan until you have a two year history of tip income as documented on your tax returns.  We created a bridge loan to enable you to purchase your ideal house before you have a full two years of tip income history.  Once you have two years of self-employed tip income, we then refinance you into a conventional loan.

We recently helped a client that only had 16 months of tip income.  The client could not obtain a conventional loan since they did not have a 2 year history of tip income.  We provided them a bridge loan to purchase a home and once thier tax returns were completed 8 months later, we refinanced them into a conventional loan.  This helped the client purchase a new home without having to wait until they had a full two years of tip income history.

If you are trying to purchase a new home that needs repairs we can help by providing a bridge loan even if you can’t qualify for a conventional loan (due to the repair issue). We provide a bridge loan to enable you to purchase a new home and then refinance you into a long-term conventional loan after your repairs are complete.

We recently helped a client purchase a new home that needed repairs. The new house was partially remodeled and some of the rooms did not have carpet and a bathroom was not complete.  The client could not get a conventional loan since the house was not in a habitable condition and the seller was not in a position to complete the repairs.  We stepped in and provide the customer a brige loan that allowed them to purchase the property and we then refinanced them into a long term conventional loan after they completed the repairs. 

If your present home is too small and needs repairs, a Bridge Loan can help you buy a new larger home and give you time to remodel your old home before selling it.

We recently helped a client who wanted to purchase a new house but had a old home that needed repairs.  We provided them a bridge loan to purchase a $650k new home. Our program provided them the time they need to remodel their old home after they moved out.  Once they fixed-up their old home and sold it, we refinance their bridge loan into a long-term conventional loan. This allowed the to purchase their new home and maximize the sale price of their old home.

Please visit our Buy Before You Sell page for more details on this offer.

We provide clients a short-term line of credit/loan to enable you to pay cash for your new home.  We provide a proof of funds letter showing that we have funds allocated for you use to purchase your new home.    This is very similar to a commercial line of credit issued by banks.  These funds are FULLY available for you to use to purchase a property.  The funds are simply waiting for an executed contract, along with an appraisal and clear title to be released to the purchaser.

When you draw against your short term loan, we charge a simple 1% origination fee, and the approximate cost to refinance you into a long term loan is.25% to .5% in extra fees — in many cases associated with using Hurst Lending to refinance out of the short term loan.  This is a small cost to pay to help you make your offer more attractive and win your dream home. 

More details can be found at https://hurstlending.com/dominate-loans/dominate-with-a-cash-offer.

We have a lending program to help you buy your new house if the buyer for your old home falls through. With this program, you can close on a new house, put your old home back on the market, and qualify for both homes by using a bridge loan. 

We recently had a client who recieved a contract for their old home and they they put a contract on a new property. Their buyer BOM’ed out over a financing issue and our client could not qualify to purchase the new home (since they did not have enough income to qualify for a conventional loan). We helped the client save their deal by providing them a bridge loan to purchase their new home.  Once their old home sold, we refinance their bridge loan into a long-term conventional loan.

The lack of a down payment can stop people from purchasing a home or investment property.  Buyers generally need 5% downpayment to purchase a primary residence or 20% to purchase an investment property.  We can occasionally offer a bridge loan to allow our clients to purchase a primary residence or investment property with a lower down payment.

We recently helped a client purchase an investment property from a relative.  The relative just wanted to sell the house for $150k since that is what they owed but the house was worth $250k.  Our client only had a 5% downpayment.  We provided them a bridge loan to acquire the property for $150k minus their 5% downpayment.  After they closed on the property, we refinanced them after 6 months into a conventional loan.  Since the client loan was fully seasoned (after 6 months) they were able to refinance based on the full appraised value and even tool out some cash.  This was a great way to use a bridge loan to acquire an investment property for just 5% down.

Some of our customers rely on us to provide them liquidity to help them acquire property using a Bridge Loan.  These customers often have substantial assets but accessing their equity could take time.  They might need time to sell another real estate assett or  selling stocks might be at a great time or they might incure unfavorable tax consequences.  We quickly provide these customers funding to acquire a new property and they can then take the next few months to sell their assetts and then pay off our Bridge loan.

We recently provided a Bridge Loan to a client who found a great investment property.  The house came on the market and they had to move quickly.  We provided the Bridge Loan and they closed on the property in appoximatly 16 days.  During this period the client put another rental property that was fully paid off on the market and set the closing date for early Januray.  This allowed the client to acquire the new property, have time to sell the old property, and they moved their tax liability for the sale until the next year.  We also have clients who use our Bridge Loans to avoid selling stocks that have dipped in value and they want to wait to sell until the stock market improves.  In both of these cases, our Bridge Loan provids them the liquidity to enable them to close quickly and take a number of months to liquate assets at a better time (at which point they paid off our Bridge Loan).

We offer a simple Bridge Loan solution that allows you to get cash out of your renovated investment properties at their improved value, right away.  This loan offer is a great solution for investors who purchase an investment property and want to acess their equity (based on the after repair value of the property).  Investors need to wait 6 month to access their equity (using the stepped up value) with a conventional loan or up to 1 year with many investor cash flow loan products.

We recently helped an investor, who purchased a property with a $150k hard money loan and spent $50k on repairs.  After the repairs the house was worth $300k.  With a conventional loan they could refinance the property right away but they could only get a loan for $200k to pay off their hard money loan and pay back their repair costs (at least until they owned the home for 6 months or a year).  We provided the investor a bridge loan for $240k as soon as their repairs were finished.  The client ended up paying off their hard money loan, reimbursing themself for their repair costs, and putting $40k extra in their pocket to purchase their next property.  We then refinanced the investor into a long-term conventional investment property loan when they owned the property for 6 months.

If you are interested in learning more about our no-seasoning Bridge Loan, more details can be found at  https://hurstlending.com/investor-loans/no-seasoning-investor-cash-our-refi-loan.