Although we pride ourselves on the fastest closings in the industry – with our Bridge Loan mortgage you won’t have to rush. The Treadstone Bridge Loan allows our customers to make an offer on a new home without being rushed to complete the sale of your current one. The bridge loan in essence covers the down payment for your new home by using equity in your current home until you are flush with funds again from selling your current home. Of course it’s a little more complicated than that, but that’s why you are working with us.
• Sometimes referred to as a “swing loan”
• Bridge loans require you to have at least 25% in home equity
• Can often be done without an appraisal if home is currently listed on the MLS
• Max term of 90 days between closing bridge loan and selling current home
• Minimum loan amount $40,000.00
• No payments due within the 90 days (must be paid off in full at the end of the term)
• Mortgage on “new home” must be a conventional loan