Question 1

What happens if my current home doesn't sell before the bridge loan expires?

Accepted Answer

Most lenders offer one 6-month extension, but it comes with higher rates and extension fees. You can also refinance the bridge into a rental loan if you can't sell in time.

Question 2

Can I get a bridge loan on a Paso Robles vineyard property?

Accepted Answer

Yes, but lenders value vineyard land conservatively and may require lower loan-to-value than standard residential. Expect 60-70% combined LTV maximum for working vineyards.

Question 3

Do bridge loans require appraisals on both properties?

Accepted Answer

Most lenders require a full appraisal on the property you're buying and at least a desktop valuation on the property you're selling. Some use automated valuations if recent comps support your equity position.

Question 4

How much does a bridge loan cost in upfront fees?

Accepted Answer

Expect 1-3 points in origination fees plus standard closing costs. Total upfront cost typically runs 2-5% of the loan amount depending on the lender and your situation.

Question 5

Can I rent out my current property instead of selling during the bridge period?

Accepted Answer

Some lenders allow this if you can qualify with the rental income and the new mortgage payment. You'll need a long-term lease and rental history to convert the bridge to permanent financing.

Bridge Loans in Paso Robles — Finance Your Next Move Before Selling