Condos can be a great way to build equity and have the benefits of homeownership without the responsibilities of maintaining a standalone property.
A condo bridge loan serves as a financial solution for homeowners or real estate enthusiasts looking to bridge the financing gap when acquiring a new property while still in the process of selling another, be it a primary, secondary, or investment type property.
Securing funding for the perfect condominium can be challenging when the sale of your previous property is pending. While placing an offer on a condo with a contingency tied to the sale of your current property is an option, it may jeopardize your chances of securing the desired condo. A condo bridge loan becomes instrumental in negotiating contracts and ensuring that your offer is taken into serious consideration.
Our condo bridge loan is designed to assist you in covering the down payment and/or closing costs associated with a new condominium. This short-term loan can be repaid once your current property successfully sells. Even if you have some funds available for a new condo’s down payment, a condo bridge loan enables you to contribute more, helping you avoid mortgage insurance or secure better terms.
It is important to note that not all condos are classified as the same. Here in Florida, condo are classified as warrantable condo, non-warrantable condo, condotel or a coop..
Advantages of Condo Bridge Loans:
- Up to 75% LTV for Bridge Loan on Primary Homes
- Up to 60% LTV for Bridge Loan on Second Home and Investment Properties
- No monthly payments
- No prepayment penalty
- 1 balloon payment to payoff bridge loan within 12-months for primary homes
- 1 balloon payment to payoff bridge loan within 6-months for second home / investment properties
- 1 fixed rate that is interest only
- 1 balloon payment to payoff bridge loan within 12-months
- Get your dream home now without waiting to sell
- Make non-contingent offers on a home now
- Uses equity from your existing home [ Primary, Secondary or Investment ] to buy the next home
- Great option if you need to relocate for work or want to retire
- Non-Warrantable Condos available
Condominiums are defined differently than Single Family Homes
Condominiums are a single, individually-owned housing unit in a multi-unit building. The condominium owner holds sole title to the unit, but owns land and common property (elevators, halls, roof, stairs, etc.) jointly with other unit owners, and shares the upkeep expenses on the common-property with them. Unit owner pays property taxes only on his or her unit, and may mortgage, or sell it just like any other personal property. Condos have slightly higher interest rates than single family homes.
When your ready to get started on your Condo Bridge Loan Mortgage, we are experts to guide you through the entire process, the first step is getting you pre-approved. You can apply online or you prefer to speak with one of our Condo Bridge Loan Mortgage Experts, we would be happy to speak with you. Call or text us at 407-955-4575.