Question 1

How long does a bridge loan last in Monterey?

Accepted Answer

Most bridge loans run 6 to 12 months. Some lenders extend to 24 months depending on the exit strategy.

Question 2

Do I need to sell my home before closing the bridge loan?

Accepted Answer

No. That's the point. You close on the new property first, then sell your current home during the bridge term.

Question 3

What happens if my home doesn't sell in time?

Accepted Answer

Your lender will want a clear exit — either sale or refinance. Some lenders offer extensions, but plan for the original term.

Question 4

Are bridge loan rates higher than conventional rates?

Accepted Answer

Yes. These are short-term, non-QM products. Rates are higher, but so is the flexibility. Rates vary by borrower profile and market conditions.

Question 5

Can I use a bridge loan for investment property in Monterey?

Accepted Answer

Yes. Bridge loans work for primary residences and investment properties. Investor deals may have different equity and term requirements.

Question 6

How much equity do I need to qualify for a bridge loan?

Accepted Answer

Most lenders want at least 20% equity in your departing property. Some require more depending on the loan size.

Bridge Loans in Monterey, CA — Move Fast Without Waiting to Sell