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Riverside's competitive market moves fast. Bridge loans let you buy before selling your current property. You avoid contingent offers that sellers often reject.
Most bridge loans here fund in 7-14 days. You get purchase power without waiting months for your existing home to close. Rates vary by borrower profile and market conditions.
You need equity in your current home. Lenders typically require 30-40% combined equity across both properties. Credit scores matter less than asset strength.
Most borrowers use W-2 income or business income. Some lenders skip tax returns and verify only through bank statements. You carry two mortgages during the bridge period.
Bridge loans come from private lenders and specialty funds. Banks rarely offer them anymore. We work with 15+ bridge lenders who price differently based on exit strategy.
Some lenders charge 8-12% rates with 2-3 points upfront. Others structure interest-only payments. Your current home's marketability affects approval more than credit score.
Half our Riverside bridge clients refinance instead of selling once they see both properties appreciate. Plan for that possibility. We structure deals with refinance-friendly terms upfront.
List your current home before applying. Lenders want proof of active marketing. A pending sale gets you better rates. Some require a listing agreement as a condition of approval.
Hard money loans cost more but approve faster with weaker credit. Bridge loans suit strong borrowers who just need timing flexibility. Construction loans work if you're building, not buying existing.
Interest-only loans lower monthly payments but require traditional approval. Bridge loans skip that hassle. You pay more in rate but get certainty and speed.
Riverside's inland market means longer sale timelines than coastal areas. Budget for 90-180 days to sell. Most bridge loans allow 12-month terms with extensions available.
Downtown Riverside and historic districts move faster than outlying areas. Your current home's location affects how lenders view exit risk. Properties near UCR or downtown get better terms.
Expect 8-12% interest plus 2-3 points upfront. Total cost for six months runs $15,000-$30,000 on a $500,000 loan. Rates vary by borrower profile and market conditions.
Yes, and you'll get better rates. Lenders view pending sales as lower risk. Some require a listing agreement at minimum before funding.
Most bridge loans allow one 6-month extension for a fee. Some lenders require principal paydown to extend. Plan exit strategy before borrowing.
Yes, lenders appraise both the property you're buying and the one you're selling. Combined equity determines your loan amount.
Absolutely. Many bridge lenders skip tax returns entirely. They verify income through bank statements or use asset-based approval instead.
Bridge Loans in Riverside