Question 1

What happens if my current home doesn't sell within the bridge loan term?

Accepted Answer

Most bridge loans extend 3-6 months for a fee. You can also refinance the bridge loan into a rental property mortgage if you convert your old home to investment property.

Question 2

Can I get a bridge loan if my Nevada City home isn't listed yet?

Accepted Answer

Yes, but you'll need a listing agreement or timeline showing when it goes on market. Lenders want proof of your exit strategy before approving the loan.

Question 3

How much do bridge loans typically cost in Nevada County?

Accepted Answer

Expect 8-10% interest rates plus 1-2 points in origination fees. The total cost for a 6-month bridge averages $10-15K per $200K borrowed.

Question 4

Do bridge lenders require my current Nevada City home to be in perfect condition?

Accepted Answer

No. They care that it's marketable and saleable, not perfect. Deferred maintenance is fine if the property will attract buyers at a price that covers the bridge loan.

Question 5

Can I use a bridge loan for properties outside Nevada City limits?

Accepted Answer

Yes. Bridge loans work anywhere in Nevada County including rural areas and properties in neighboring communities. The equity requirement and exit strategy still apply.

Bridge Loans in Nevada City: Fast Financing Between Properties