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Reedley's ag-driven economy creates timing issues for property owners upgrading homes or expanding operations. Your equity is locked in farmland or older homes while better opportunities sit on the market.
Bridge loans solve the chicken-and-egg problem: buy now, sell later. Most Reedley deals involve agricultural properties or older residential stock that takes 60-90 days to close.
Bridge Loans in Reedley
You need substantial equity in your current property. Lenders typically advance 70-80% combined loan-to-value across both properties.
Credit matters less than equity position. We've placed bridge loans for borrowers with 620 scores if they own properties free and clear. Rate: expect 8-12% for 6-24 month terms.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Reedley.
Reedley's ag-driven economy creates timing issues for property owners upgrading homes or expanding operations. Your equity is locked in farmland or older homes while better opportunities sit on the market.
Bridge loans solve the chicken-and-egg problem: buy now, sell later. Most Reedley deals involve agricultural properties or older residential stock that takes 60-90 days to close.
You need substantial equity in your current property. Lenders typically advance 70-80% combined loan-to-value across both properties.
Fresno County agricultural lenders handle bridge loans differently than metro portfolio lenders. Some won't touch ag properties. Others specialize in them but move slow.
Our network includes lenders who underwrite bridge loans on working farms, orchards, and rural residential. Speed varies: 7 days with private lenders, 21 days with ag specialists.
Reedley sellers often underestimate carrying costs on bridge loans. At 10% interest on $300K, you pay $2,500 monthly. If your property sits 120 days, that's $10K in interest alone.
Price your existing property aggressively or use bridge funds to improve it for faster sale. Don't bridge into a property that needs work unless you have cash reserves for both mortgages.
Hard money loans fund faster but cost more. Bridge loans offer lower rates because lenders see your exit strategy: selling a specific property within months.
Construction loans work if you're building on purchased land. Bridge loans work when you're buying finished property and selling another. Different tools for different timing problems.
Reedley's agricultural properties can take 90-180 days to sell depending on crop type and season. Spring sales move faster than fall. Factor harvest cycles into your bridge timeline.
Appraisals on mixed-use ag properties add 2-3 weeks to funding. Order appraisals immediately on both properties to avoid delays. Rural properties need specialized appraisers willing to drive to Reedley.
Most bridge loans include 6-12 month extensions at slightly higher rates. You can also refinance into a conventional mortgage if you qualify, or bring cash to pay it off.
Yes, but fewer lenders handle ag bridge loans. We work with agricultural lenders who understand citrus groves, vineyards, and working farms as collateral.
Private lenders close in 7-14 days with clear title. Agricultural lenders take 21-30 days due to specialized appraisals and underwriting.
You make interest-only payments on the bridge loan plus your existing mortgage payment. Once your property sells, bridge loan pays off completely.
Most lenders want 620+, but we've placed loans at 600 with strong equity positions. Your property values matter more than credit score.