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Hermosa Beach moves fast. Desirable beachfront properties get offers within days, and sellers won't wait for you to close on your current home.
Bridge loans let you buy now and sell later. Most borrowers use them to secure a new Hermosa Beach property while their existing home is listed or in escrow.
These loans typically run 6-12 months. That gives you time to stage, list, and sell your current property without losing the beach house you want.
Bridge Loans in Hermosa Beach
Most lenders require 20-30% equity in your current property. That equity becomes the collateral that supports your bridge loan.
Credit matters less than assets. I've closed bridge loans for borrowers with 640 scores if they have substantial equity and clear exit strategies.
You'll need to show ability to carry both properties temporarily. Lenders calculate payments on your current mortgage plus the bridge loan.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Hermosa Beach.
Hermosa Beach moves fast. Desirable beachfront properties get offers within days, and sellers won't wait for you to close on your current home.
Bridge loans let you buy now and sell later. Most borrowers use them to secure a new Hermosa Beach property while their existing home is listed or in escrow.
These loans typically run 6-12 months. That gives you time to stage, list, and sell your current property without losing the beach house you want.
Bridge loans come from private lenders and specialty finance companies. Traditional banks rarely offer them in competitive markets like Hermosa Beach.
Our network includes 200+ wholesale lenders with bridge programs. Rates typically run 7-12%, which sounds high until you consider the alternative is losing your target property.
Speed matters more than rate here. The best bridge lender is the one who closes before someone else's cash offer gets accepted.
Most Hermosa Beach buyers who need bridge loans are upgrading within the South Bay. They've built equity in Manhattan or Redondo and want beachfront.
The mistake I see is waiting too long to arrange the bridge loan. Get approved before you start shopping so your offer competes with cash.
Have your exit strategy clear. Lenders want to see a listing agreement or proof your current home will sell quickly. Hermosa Beach's strong market helps here.
Hard money loans fund faster but cost more. Bridge loans balance speed with slightly better rates because you have a clear payoff timeline.
Home equity lines sound cheaper but take 30-45 days to fund. In Hermosa Beach, that property is gone by then.
The real comparison is bridge loan cost versus losing a property you want. Most borrowers who need one would pay the 7-12% rate ten times over.
Hermosa Beach inventory stays tight year-round. Properties under $3M get multiple offers, and contingent offers rarely win.
Bridge loans let you make non-contingent offers. That matters when you're competing against tech money and beach home investors.
The South Bay market supports bridge loan strategies. Your existing property will likely sell quickly, minimizing the time you carry dual payments.
Most bridge loans fund in 7-14 days. We've closed some in 5 days when the borrower had equity documentation ready and a strong exit strategy.
Most lenders offer extensions for 3-6 months with additional fees. Having your property listed and priced correctly prevents this situation in Hermosa Beach's strong market.
Yes, bridge loans work for both primary residences and investment properties. Investor loans often have similar terms but may require larger down payments.
Most lenders require appraisals on both your existing property and the new Hermosa Beach purchase. Desktop appraisals can speed up the process.
Most programs accept 640+ credit scores. Strong equity in your current property matters more than perfect credit for bridge loan approval.