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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.
Bridge Loans in Santa Monica