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Gilroy moves fast. When the right property appears, waiting on your current sale can cost you the deal.
A bridge loan gives you short-term cash to close on the new property now. You repay it once your existing home sells.
6–12 months
Typical Loan Term
20–30% in current home
Equity Requirement
Equity-first underwriting
Credit Flexibility
Non-QM
Loan Classification
10–15 business days
Typical Close Time
Bridge Loans in Gilroy
Bridge loans are non-QM products. Lenders care more about equity than your debt-to-income ratio.
You typically need strong equity in your current home — often 20–30%. Lenders also want a clear exit strategy.
Most big banks don't offer bridge loans. This is a specialty product held by private and wholesale lenders.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize in short-term bridge financing for California borrowers.
The biggest mistake I see: borrowers underestimate how long their current home will take to sell. Build a conservative timeline.
Bridge loans are a tool, not a plan. Have a firm sale timeline or a backup refinance strategy before you close.
Hard money loans are a close alternative. They're faster but carry even higher rates and fees than bridge loans.
Interest-only loans can reduce short-term payment pressure. Some bridge products are structured as interest-only by default.
Gilroy sits at the southern edge of Santa Clara County. Values here are lower than North County — but sellers still expect certainty.
Contingent offers are often passed over. A bridge loan removes the sale contingency and makes your offer competitive.
Most bridge loans run 6 to 12 months. Some lenders extend to 24 months with strong equity and a solid exit plan.
Yes. Lenders focus on your equity position, not whether the home is actively listed. Your exit plan just needs to be credible.
Potentially, yes. Budget for overlap. Some bridge structures defer payments until the existing property sells.
Requirements vary, but bridge lenders prioritize equity over credit. A 620+ score helps, but it's not the deciding factor.
Yes. Bridge loans are short-term, non-QM products. Rates are higher — rates vary by borrower profile and market conditions.
Experienced wholesale lenders can close in 10–15 business days. Speed depends on title, appraisal, and lender turnaround.