Loading
Loading
Costa Mesa's competitive market moves fast. Sellers rarely wait for buyers to close on their current home.
Bridge loans give you buying power before your existing property sells. This matters when strong offers need proof of funds within 48 hours.
Bridge Loans in Costa Mesa
Most bridge lenders need 30-40% equity in your current property. Credit scores above 660 get better terms, but 620 works with strong equity.
Expect rates 2-4% higher than conventional mortgages. Terms run 6-12 months, giving you time to sell without pressure discounting.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Costa Mesa.
Costa Mesa's competitive market moves fast. Sellers rarely wait for buyers to close on their current home.
Bridge loans give you buying power before your existing property sells. This matters when strong offers need proof of funds within 48 hours.
Most bridge lenders need 30-40% equity in your current property. Credit scores above 660 get better terms, but 620 works with strong equity.
Bridge loans come from private lenders and specialty finance companies, not traditional banks. Each lender prices differently based on loan-to-value and property type.
We work with 15+ bridge lenders active in Orange County. Rate shopping matters here because a 1% difference on a $1.5M loan costs $15,000 annually.
Most borrowers use bridge loans wrong. They lock in 12-month terms then panic-sell at month 11. Build a realistic sale timeline before you commit.
The best scenario pairs a bridge loan with a strategic listing plan. List your current home immediately after buying. This creates urgency without desperation pricing.
Bridge loans cost more than home equity lines but require no monthly draws. Hard money loans work for distressed properties; bridge loans need move-in ready homes.
Some buyers try conventional financing with a sale contingency. That loses to cash offers in Costa Mesa's seller-friendly market 90% of the time.
Orange County bridge lenders prefer properties in established Costa Mesa neighborhoods. Homes near South Coast Plaza and East Side areas appraise cleanly and sell predictably.
Lenders get cautious on unique properties or those needing work. A condo in Metro Pointe bridges easier than a fixer in industrial zones.
Most bridge lenders close in 7-14 days with clean title and appraisal. Some portfolio lenders do it in 5 days if you waive rate shopping.
You can extend most bridge loans 3-6 months for a fee, or refinance into a conventional mortgage. Plan this exit strategy before you borrow.
Yes, but expect higher rates and lower loan-to-value ratios. Most lenders cap bridge loans at 65-70% LTV on non-owner occupied properties.
Most don't require income docs since the loan is secured by two properties. Your exit strategy matters more than your W-2.
Total interest on a $1M bridge loan at 9% for 90 days is $22,500. Compare that to the discount from a rushed sale.