Question 1

How long does bridge loan approval take in Palm Desert?

Accepted Answer

Most lenders approve within 3-5 days with full documentation. Funding happens 7-14 days after approval. Speed depends on appraisals for both properties.

Question 2

What happens if my current home doesn't sell during the bridge period?

Accepted Answer

You can extend most bridge loans 3-6 months for an additional fee. Some lenders require you to refinance into a traditional mortgage at that point.

Question 3

Can I use a bridge loan for investment properties in Palm Desert?

Accepted Answer

Yes, but exit strategy matters more. Lenders want proof you can sell or refinance. Investment properties sometimes take longer to sell than primary homes.

Question 4

Do bridge loans require monthly payments?

Accepted Answer

Most don't require payments during the bridge period. Interest accrues and gets paid when you sell your existing property and pay off the loan.

Question 5

How much equity do I need in my Palm Desert home for a bridge loan?

Accepted Answer

Most lenders require 20-30% equity minimum. Combined loan-to-value across both properties typically can't exceed 80%. More equity improves your rate.

Bridge Loans in Palm Desert: Fast Financing Between Properties