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Bridge Loans 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.
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.
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.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.