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Cross Collateral Bridge Loans

Cross Collateral Bridge Loans

home-loans-svcsBridge the gap between selling your current home and purchasing your new one…

Across collateral bridge loan is short term interim financing on a purchase money transaction. The bridge loan essentially “bridges the gap” between the time their old property is sold, and new property is purchased. When a seller won’t accept the buyer’s contingency, a bridge loan might be the next best way to finance the new home.

Cross collateral bridge loans are typically more expensive than conventional financing to compensate for the additional risk of the loan. Cross collateral bridge loans typically have a higher interest rate, points and other costs that are amortized over a shorter period, and various fees. The lender also may require cross-collateralization and a lower loan-to-value ratio.

Many purchase contracts have contingencies which allow the buyer to only agree to the terms if certain actions occur. For example, a buyer may not have to go through the purchase of the new home they are in contract for unless they sell their old home first. This gives the buyer protection in the case that no one buys their home, or if nobody is willing to buy the property at the terms they desire.

Cross-collateralization is a term used when the collateral for one loan is also used as collateral for another loan.

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Call Theresa Springer (MLO #70667/NMLS #70667) today at 360-798-4161 to see the difference that working with an experienced home loan professional can make for you.

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Word on the Street...

"We would like to attest to the professional services we received from Theresa Springer. She was able to obtain an home loan on our extremely complicated real estate transaction. Additionally, we were under a time constraint due to the numerous loan rules that challenge borrowers today. Theresa was able to work with us in a knowledgeable, efficient and detailed fashion. She was always responsive to our questions and needs, even after hours and on the weekends. We fully recommend Theresa to anyone seeking to obtain a mortgage." -- Ken and Kiri T., Brush Prairie

Testimonials appearing on this site are individual experiences from those who have worked with Theresa Springer. They are individual results and results may vary.