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Blythe's small inventory means good properties move fast. When you find the right home or investment, you can't always wait 60 days for your current property to sell.
Bridge loans give you 6-12 months to close on your new property while you market your existing one. Most Blythe borrowers use them for time-sensitive purchases or estate transitions.
Lenders approve based on equity in your current property, not income documentation. You need at least 30% equity in the property you're selling to qualify.
Credit matters less than equity position. Most lenders want 600+ credit, but the real qualifier is having enough combined equity to secure both properties.
Most traditional banks don't offer bridge loans. You need specialty lenders who underwrite based on asset value, not employment history.
Rates run 8-12% with origination fees of 2-3 points. That sounds steep until you calculate what losing your target property costs you.
Bridge loans work best when you know your current property will sell within six months. If your timeline is uncertain, this gets expensive fast.
I see Blythe buyers use these for estate situations where they inherit property but need to buy before probate closes. Also common for investors who found a deal they can't pass up.
Hard money loans fund faster but cost more. Bridge loans give you better rates if you have strong equity and just need time to sell.
A home equity line sounds cheaper, but takes 30-45 days to close. Bridge loans close in under two weeks when you need to move fast.
Blythe's market can be slow to sell, especially for niche properties. Factor in realistic marketing time before committing to a six-month bridge loan.
If you're buying in nearby metro areas like Palm Springs while selling in Blythe, bridge financing lets you compete with cash buyers in faster markets.
Most lenders offer 6-month extensions at higher rates. You can also refinance the new property into conventional financing before the bridge loan matures.
Yes, most bridge lenders work with investor properties. The equity requirement stays the same, but they may cap combined loan amounts differently.
Most bridge loans are interest-only with a balloon payment at sale. Some lenders let you defer all interest until you sell your current property.
Typically 80% of your existing property's value minus any existing mortgage. Combined loan-to-value across both properties usually caps at 75%.
Budget 2-3% origination fee plus standard title and escrow costs. Some lenders charge higher fees for faster closing timelines under 10 days.
Bridge Loans in Blythe