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Corte Madera homes move fast. Bridge loans let you make non-contingent offers while your current property sells. Most Marin sellers won't wait for your sale contingency.
These short-term loans cover 6-12 months. You borrow against your existing equity to fund a new purchase. Once your old home closes, you pay off the bridge and refinance into permanent financing.
Bridge Loans in Corte Madera
You need 20-30% equity in your current home. Lenders combine both mortgages when calculating debt-to-income, so strong income matters. Most require 680+ credit and proof your existing home is listed or under contract.
Bridge lenders look at exit strategy first. They want to see a realistic sale price and timeline. If your current property is overpriced or needs work before listing, expect pushback or higher rates.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Corte Madera.
Corte Madera homes move fast. Bridge loans let you make non-contingent offers while your current property sells. Most Marin sellers won't wait for your sale contingency.
These short-term loans cover 6-12 months. You borrow against your existing equity to fund a new purchase. Once your old home closes, you pay off the bridge and refinance into permanent financing.
You need 20-30% equity in your current home. Lenders combine both mortgages when calculating debt-to-income, so strong income matters. Most require 680+ credit and proof your existing home is listed or under contract.
Most banks stopped offering bridge loans after 2008. You're looking at private lenders and specialized non-QM shops. We work with about 15 bridge lenders who understand Marin's market timing.
Rates run 7-10% depending on your equity position and exit strategy. Expect 1-2 points in fees. Some lenders charge interest only, others want principal and interest payments during the bridge period.
Bridge loans work best when your current home will sell within 90 days. Corte Madera properties in good condition typically move in 30-60 days. If you're looking at a 6-month listing timeline, consider a HELOC instead.
Watch the payment shock. You'll carry two mortgages plus bridge loan interest. We've seen buyers qualify on paper but struggle with cash flow. Run the numbers assuming your old home takes 60 days longer than expected to sell.
Hard money loans fund faster but cost more. Bridge loans take 2-3 weeks to close versus 5-7 days for hard money. If you found a property and need to close in 10 days, hard money beats bridge every time.
HELOCs cost less but don't work for down payments on new purchases at many banks. Construction loans make sense if you're building, not buying existing. Each option serves different timing needs.
Corte Madera sits between Mill Valley and Larkspur. Inventory stays tight year-round. Bridge loans give you the speed to compete with cash buyers when the right property hits the market.
Marin's price point means your bridge loan will likely exceed conforming limits. Factor that into rate quotes. Properties near Town Center or with Redwood High School access move fastest, which affects your sale timeline assumptions.
Most bridge loans close in 15-21 days with clean title and appraisal. Private lenders move faster than banks but charge higher rates for speed.
You can extend 3-6 months for a fee, usually 1-2 points. Some lenders require rate adjustments. Worst case, you refinance both properties into long-term loans.
Some lenders require an active listing or accepted offer. Others approve based on broker price opinion. Expect higher rates without a listing agreement in place.
Yes, but rates run 1-2% higher than owner-occupied bridge loans. Lenders want larger equity cushions, typically 30-35% in your current property.
Most lenders set $150,000 minimums. Given Marin pricing, we rarely see bridge loans under $300,000. Smaller amounts don't justify the underwriting cost for lenders.