Loading
Bridge Loans in Westlake Village
Westlake Village moves fast. Sellers often need to close in 30 days or less, which doesn't give you time to list and sell your current home. Bridge financing lets you make competitive all-cash offers while your existing property sits on the market.
This loan type works particularly well in Los Angeles County's luxury markets where buyers want clean, contingency-free transactions. You get 6-12 months to sell your old place while you've already moved into the new one.
Lenders look at combined debt service across both properties. You need enough income or liquid reserves to carry two mortgages temporarily. Most require 20-30% equity in your current home and 15-25% down on the new purchase.
Credit matters less than equity position and exit strategy. Expect rates 2-4% higher than conventional mortgages. Your approval hinges on a solid plan to sell the existing property within the loan term.
Most bridge loans come from private lenders and specialized non-QM shops, not your neighborhood bank. We access about 40 lenders in our network who actually underwrite these deals. Each has different appetite for loan amounts, property types, and geographic focus.
Portfolio lenders price based on your specific situation rather than automated underwriting. One lender might charge 7.5% with no prepayment penalty. Another hits 9% but lets you rent out the old property during the bridge period.
The biggest mistake is underestimating carrying costs. You're paying two mortgages plus insurance, taxes, and utilities on both properties. Run the math on worst-case scenarios before you commit. What if your old house takes 90 days longer to sell than expected?
I've seen borrowers pay $15,000 in interest to avoid losing a $200,000 sale on a home they loved. That's smart money. But I've also seen people burn $30,000 because they overpriced their old property and refused to adjust. Know your exit before you enter.
Hard money loans fund even faster but cost more. Bridge loans typically run 7-10% while hard money hits 10-13%. If you just need 60-90 days and have strong equity, hard money might make sense. Beyond that, bridge financing costs less.
Home equity lines of credit sound cheaper but require payments on both the HELOC and your new mortgage. Plus most banks won't approve a HELOC when you're simultaneously buying another property. Bridge loans consolidate everything into one transaction.
Westlake Village straddles Los Angeles and Ventura counties. Properties here typically sell faster than county averages due to the school district and lake access. That works in your favor with bridge lenders who want confidence in your exit strategy.
Most lenders cap bridge loans at $3-5 million in this market. Above that, you're looking at private wealth lending with different terms. The Oaks community and North Ranch properties move particularly well, which helps approval odds.
Most bridge loans close in 14-21 days once you're approved. We've done deals in 10 days when the borrower had all documents ready and strong equity position.
Most bridge loans allow 6-12 month extensions at higher rates. You can also refinance into a conventional loan on the new property if you qualify carrying both.
Some lenders allow it, others don't. Rental income rarely counts toward qualification since the property needs to sell. Check terms before you list it as a rental.
No. Most lenders approve down to 620-640 credit scores if you have strong equity. Your debt-to-income ratio and exit strategy matter more than credit history.
Expect 15-25% down depending on your equity position in the old property. Higher equity in your current home can reduce down payment requirements on the new purchase.
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.