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Bridge Loans in Santa Monica
Santa Monica moves fast. When the right property hits the market near Montana Avenue or Ocean Park, you've got days—not weeks—to close.
Bridge loans let you write non-contingent offers while still owning your current property. In a market where sellers prefer clean deals, that advantage closes transactions.
Most bridge lenders require 20-30% equity in your current property. Credit scores matter less than equity position—we've closed deals with scores in the 600s.
You'll carry two mortgages temporarily, so lenders verify income can support both payments. Expect rates 2-4% higher than conventional loans, but you're paying for speed and flexibility.
Bridge loans aren't portfolio products at big banks. We work with private lenders who specialize in California coastal markets and understand Santa Monica property values.
Rates vary by borrower profile and market conditions. Approval hinges on your exit strategy—either a firm listing agreement on your current home or proof you can refinance into permanent financing.
Half our Santa Monica bridge loan clients already have offers on their current property but need timing flexibility. The other half are upgrading within the same neighborhood and can't risk losing the new house.
The mistake buyers make: waiting until they find the perfect property to line up financing. Get pre-approved for bridge financing before you start shopping. When you find the right place on 26th Street, you'll act same-day.
Hard money loans fund faster but cost more—think 8-12% rates. Bridge loans balance speed with reasonable costs, typically 6-9% depending on your profile.
Home equity lines seem cheaper but take 3-4 weeks to close and won't cover a full down payment on Santa Monica pricing. Bridge loans provide the full amount you need, when you need it.
Santa Monica's price-per-square-foot varies wildly by neighborhood. Lenders scrutinize North of Montana differently than Ocean Park—your property location affects approval odds and rates.
Rent control and beach proximity impact how lenders value your existing property. If you're selling a rent-controlled unit, expect extra documentation proving market value.
Most lenders offer 6-month extensions for a fee. We also structure exit strategies using permanent financing to pay off the bridge loan if needed.
Yes, but lenders require the property to be habitable. For major renovations, construction loans work better than bridge loans.
No, but having a listing agreement or accepted offer improves your rate. Lenders want proof you're serious about selling.
Most lenders cap combined loan-to-value at 75-80% across both properties. Your equity determines borrowing power.
Pay off the bridge loan with no prepayment penalty. You only pay interest for the months you actually used the loan.
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.