Liv Barton
LendSure Mortgage Corp.

(801) 739-4529 | 

[email protected]

www.lendsure.com

2750 E Cottonwood Pkwy, Ste 250
Cottonwood Heights, UT 84121

Bridge Loan is done through Homelight

Bridge Loans: "Huge for realtors – allows buyers to access the equity in the departing towards the down of the purchase without it being sold – they can put down a non-contingent offer."

The bridge loan allows buyers to access the equity in the departing towards the down of the purchase without it being sold. It also allows borrowers to make a non-contingent offer.

The bridge loan is essentially a cash-out refi. We pull out cash from the existing residence to put as a down payment for the purchase.

You can access the bridge loan calculator here: https://lendsure.com/broker-resources/bridge-loan-calculator/

For bridge loans – these are a standard 9.250% across the board. 12-month balloon payment so no monthly payments required.  LendSure charges a 2.25 PT origination fee for all bridge loans. 75% max LTV on the
cash-out refi/bridge loan.

For the purchase I would need to know the following for pricing…

FICO? LTV? (80% max)

Purchase Price?

Type of property? Condo, SFR, Townhome?

What will they be using for income?

Once I know the above, I can give you a good idea on what we would be looking at for rate. This would still be a non-QM rate so it is going to be higher than conforming rates, however, the borrower only needs to stay on the
purchase loan for 8 months (our EPO) before they refinance into something conventional or long term.

This would be two separate loans. Please note that we must do both the bridge loan and the purchase loan for this program.

If full doc - $1595 UW fee on both loans. If bank statement/alternative income - $1895 UW fee on both loans.

We only hit the borrower for the payment on the new purchase loan, not the bridge loan payment (since there is no monthly payment). The borrower only needs to DTI based off the new purchase payment.

For the bridge, the borrower can pay this off as soon as they sell the departing home. For the purchase, they can use this as a band aid loan – just need to make 8 payments (for the EPO) and can refi out.

For comp, you can charge up to .5 pt BPC on the bridge loan (subject to change if we run into section 32 issues). On the purchase loan, you can charge whatever you want up to 2.75 pts BPC.

Departing residence must be listed on the MLS prior to closing and must be sold within the 12-month period.

All bridge loans require approval from senior management.

The next step would be submitting the file for a preapproval. This not only reassures the borrower they have a solid approval to move forward if approved, but it also significantly increases the speed and efficiency in the formal
underwrite and our ability to move to a formal Conditional Approval with limited conditions to get at the point of CD, docs, and funding. Average times between disclosures and funding are in 15 business days.