Question 1

What happens if my Taft home doesn't sell in time?

Accepted Answer

Most bridge loans allow one extension for a fee. After that you need to refinance into permanent financing or sell at a lower price to close before default.

Question 2

Can I get a bridge loan with tenants in my current property?

Accepted Answer

Yes, but it complicates the sale timeline. Lenders want to see a realistic exit plan. Some require proof tenants will vacate or accept occupancy.

Question 3

Do I need an appraisal on both properties?

Accepted Answer

Always on the new purchase. Usually on your existing home too. Lenders need current values to calculate equity and loan-to-value ratios.

Question 4

What's the minimum credit score for bridge financing?

Accepted Answer

Most lenders want 680 or higher. Some non-QM options go to 620 if you have strong equity in both properties.

Question 5

Can I use bridge loan proceeds for renovations?

Accepted Answer

Not typically. Bridge loans fund purchase only. You'd need a construction loan or renovation financing for improvement work on the new property.

Bridge Loans in Taft: Fast Money Between Properties