Question 1

How much can I borrow with a bridge loan in Millbrae?

Accepted Answer

Loan amounts typically reach 80% of your existing property's value combined with the new purchase price, minus existing mortgage balances. The exact amount depends on your equity position and the lender's specific criteria.

Question 2

What happens if my Millbrae property doesn't sell during the bridge loan term?

Accepted Answer

Most lenders offer extension options for additional fees. You can also refinance into permanent financing on the new property or explore rental income options for your original home to maintain payments.

Question 3

Are bridge loan costs tax deductible in California?

Accepted Answer

Interest on bridge loans may be tax deductible when secured by your property, but consult a tax professional for your specific situation. Deductibility depends on loan structure and how you use the funds.

Question 4

How quickly can I get bridge loan approval?

Accepted Answer

Approval often happens within 5-10 business days for straightforward transactions. The simplified underwriting process moves faster than conventional mortgages since it focuses primarily on property equity and value.

Question 5

Do I need to make payments on a bridge loan?

Accepted Answer

Payment structures vary by lender. Some require monthly interest payments, while others defer all payments until your existing property sells or the loan matures, though deferred payments increase total costs.

Bridge Loans in Millbrae: Fast Financing for Your Property Transition