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Bridge Loans in Marina
Marina sits between Fort Ord's redevelopment zones and coastal pricing pressure. Sellers often need to close fast while buyers wait on equity from primary homes.
Bridge loans work when timing matters more than rate. You're not waiting 45 days for conventional approval while a Marina property slips away.
Most Marina bridge deals run 6-12 months. Borrowers sell their current home, pay off the bridge loan, then refi into permanent financing on the new property.
This loan type fits former military families relocating to Marina or out-of-area buyers entering the Monterey market before liquidating other assets.
You need equity in your current property. Most lenders want 30% minimum combined across both homes after the bridge loan funds.
Credit matters less than assets. A 640 score works if the math makes sense. Lenders care about exit strategy more than pay stubs.
Expect to show how you'll pay off the bridge loan. That's usually a listing agreement, buyer contract, or asset sale plan within 12 months.
You can't bridge into a property you plan to flip immediately. Lenders want to see owner occupancy or a clear refinance path after sale.
Bridge lenders price on risk speed. Rates run 7.5%-11% depending on loan-to-value and exit timeline clarity.
Most charge 2-3 points upfront. You're paying for speed and flexibility, not a low rate. The math works if you'd otherwise lose the property.
Expect first lien position only. Some lenders will subordinate to your existing mortgage, but rates jump 1-2% for that structure.
Monthly payments are interest-only. Principal comes due when you sell or refinance. No prepayment penalties on most bridge products.
I use bridge loans when a Marina buyer has a signed contract but their current home hasn't sold. Waiting means losing the purchase in this market.
The math breaks at 12 months. If you can't sell or refi by then, you're paying extension fees or facing foreclosure. Have a backup plan.
Appraisals matter on both properties. Lenders will order two—one on what you're buying, one on what you're selling. Low appraisals kill deals fast.
Some borrowers think bridge loans buy time to fix credit. That's not how they work. You need a clean exit within a year or you're in trouble.
Hard money loans fund faster but cost more. Bridge loans give you 12 months at 8-9%. Hard money runs 10-13% with 6-month balloons.
Home equity lines sound cheaper but take 30 days to fund. You lose bidding wars waiting on HELOC approval. Bridge loans close in two weeks.
Construction loans require different underwriting. If you're not renovating, bridge makes more sense than construction financing for simple property transitions.
Interest-only loans keep payments low during the bridge period. But you still need an exit—selling your old home or qualifying for a permanent loan.
Marina properties move faster than county averages. Bridge loans matter here because sellers won't wait 45 days for conventional approval.
Former Fort Ord parcels sometimes have title complexity. Lenders want clean title on both properties before funding a bridge loan.
Coastal Commission delays can extend timelines. If your exit strategy depends on selling a coastal property, build extra months into your plan.
Monterey County appraisers are conservative. Don't assume your home will appraise at list price. Low appraisals reduce your bridge loan amount fast.
Most bridge loans close in 7-14 days with clean title and appraisals. You skip income verification, which speeds underwriting significantly.
You face extension fees or loan default. Most lenders charge 1-2% monthly after the maturity date. Have a backup refinance plan ready.
Yes, but lenders want to see a listing agreement or market analysis. They need proof you can sell within the loan term.
Yes, but expect higher rates. Investment property bridge loans run 9-12% vs 7.5-9% for primary residences.
Most lenders accept 640, some go to 620. Equity matters more than credit score on these deals.
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.