Question 1

How quickly can a bridge loan close in Fresno?

Accepted Answer

Bridge loans typically close in 2-4 weeks with complete documentation. The process moves faster than conventional financing because these lenders focus primarily on property equity rather than extensive income verification.

Question 2

What happens if my Fresno property doesn't sell during the bridge period?

Accepted Answer

Most bridge loans include extension options, though at higher rates. Alternatively, you may need to refinance into traditional financing or consider price adjustments on your listed property to facilitate the sale.

Question 3

Can I get a bridge loan if my Fresno home isn't listed yet?

Accepted Answer

Some lenders allow this, but having an active listing with a local agent strengthens your application significantly. Lenders want evidence of your commitment to selling within the bridge period.

Question 4

Are bridge loan interest rates much higher than regular mortgages?

Accepted Answer

Yes, bridge loans typically carry rates 2-4% higher than conventional mortgages. Rates vary by borrower profile and market conditions, but the short-term nature makes the total interest paid manageable.

Question 5

Do I need perfect credit for bridge financing in Fresno?

Accepted Answer

Credit requirements vary by lender, but many accept scores in the mid-600s for borrowers with substantial equity. Your property equity and exit strategy often matter more than credit score alone.

Bridge Loans in Fresno: Fast Financing for Property Transitions