Getting your buyers ready for a busy Spring!

Getting your buyers ready for a busy Spring!

President | Loan Officer
Mike Meena
Published on January 30, 2025

Getting your buyers ready for a busy Spring!

I write about Bridge Loans a few times a year, and it’s probably the number one thing we kill our competitors with, so I like to rub it in.

 

Why Bridge Loans Are the Perfect Solution for Buyers

As the busy real estate season heats up, many buyers and sellers will face tight timelines, especially when securing the perfect home. What happens if your client has a great opportunity, but their current home isn’t sold yet? In the meantime, they could sell their property and do not even need the bridge loan. We all know contingent offers rarely get accepted, so they need to have the bridge loan in their back pocket as a tool!

 

Why Should Your Clients Consider a Bridge Loan?

 

  1. No Income Qualifications

One of the best aspects of Bridge Loans is that they don’t require income qualifications. Whether your client is self-employed, on disability, or has a unique financial situation, a Bridge Loan can still work for them. We do quite a few bridge loans for people moving from a home that was fully paid off into another house, which they will pay off when their house is sold. If we are making a conventional loan on one end of a bridge, then the conventional loan will have income qualifications, but we can often get around that with a Bridge Loan on both houses if it is necessary.

 

  1. The Flex Bridge Loan: A Game-Changer

For buyers who might not have enough funds for the down payment or need help with those last-minute home improvements, the Flex Bridge Loan can be a real game-changer. Here’s why:

  • If your client is selling their home but needs a security deposit for the home they’re buying, the Flex Bridge Loan can help.
  • The Flex Bridge Loan is designed to make the transition from one home to the next as smooth and stress-free as possible, without the burden of scrambling for extra cash.
  • Depending on their needs, these loans can be as low as $1,000 or as high as $200,000.
  • A Flex Bridge Loan can typically be funded in as little as 48 hours, provided your client has proof of homeownership and sufficient equity.
  • If your client’s credit score is holding them back from qualifying for favorable loan terms, a Flex Bridge Loan can help them pay off high-interest credit card debt. Once their credit card balances are paid down, their credit score will likely improve, potentially saving them thousands on their new mortgage.

 

A Real-Life Example

I am working with clients closing on a new construction property later this year. They needed to pay the builder a large upfront payment for upgrades, but their current home was still on the market. They were told they would have to sell their house immediately and rent for months, which would be costly and inconvenient. Instead, we used a Bridge Loan to help them access the funds they needed right away. Within two weeks, we had everything in place, and the clients were thrilled to be able to stay in their home and avoid renting and moving twice. This is the kind of solution a Bridge Loan can provide, especially in time-sensitive situations.

 

Why Work with a Trusted Lender?

As the market heats up, having a trusted lender on your side becomes even more crucial. Top agents know that working with a reliable, experienced lender ensures their clients’ loans will close on time and without unnecessary delays. When it comes to Bridge Loans, you want a lender who understands the ins and outs of these types of loans and can get the job done without any hassle.

Whether it’s a standard Bridge Loan or a Flex Bridge Loan, having the right lender can make all the difference when it comes to securing your client’s next home. The added benefit of a non-contingent offer is that it gives your client an edge over other buyers still waiting for their property to sell.

 

Let’s Work Together

As the real estate market kicks into high gear this spring, don’t let the stress of selling a current home, scrambling for a down payment, or trying to improve a credit score hold your clients back. A Bridge Loan might be the key to seamlessly transitioning from one home to the next. Whether they need to pay for home improvements, cover a security deposit, or pay off credit card debt, there’s a Bridge Loan solution for them.

Have a client who could benefit from a Bridge Loan? Let’s connect today and discuss how I can help them make their next move with ease - giving them the competitive edge of a non-contingent offer on their next home.

 

Please let me know if you have any questions or if a client needs my guidance. I’m just a call, text, or email away.

📞 Cell: 661-714-6258

TEXT: 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

2025 starts now!!! Please let me know if you would like to go over my latest marketing ideas!

But wait, there’s more…

 

Interest Rates

Interest rates have been flat the past few days, but that’s better than worse. The Federal Reserve didn’t touch interest rates, which was expected, and the economic calendar is mild for the next couple of days. The route to the bottom of interest rates is not a quick one.

 

  • We offer 12-day escrows for pre-approved buyers - Conventional/FHA/Jumbo/Bridge loans.
  • We provide loans in all states, so call me with anything you need.
  • Government Loans (FHA/VA/USDA) are in the 5’s and 6s.
  • Conventional loans up to $806,500 are in the 6s.
  • High Balance Loans from $806,501 to $1,209,750 are also in the 6’s and low 7’s.
  • Jumbo loans above $1,209,750 are in the 6’s and low 7’s.
  • Bank statement loans are available with 10% down again, with larger down payments in the 7’s.
  • Profit and Loss Statement loans require 20% down - no bank statements needed, only a profit and loss statement!
  • 0 down loans are available in the high 6s, with a minimum credit score of 620, up to $1,300,000.
  • Private Money lenders offer Hard Money Loans with 35% down.
  • No Ratio Loans require 30% down.
  • DSCR (Debt Service Coverage Ratio) loans are available with as little as 15% down.
  • Bridge Loans typically have an interest rate of 7.99% with limited fees, helping you get where you need to go!
  • 3/2/1 Buydowns, 2/1 Buydowns, and 1/0 Buydowns are available at great starting rates!

Please note that interest rates are subject to change without notice, and the information above reflects LA County Loan Limits.

 

**Good News for Condos:** Nothing new to report.

**Bad News for Condos:**

Canyon Park Carriage – Litigation! Roof stuff!!  – This is now a maybe as it could be pre-litigation! Waiting on the paperwork!

Las Ventanas – $100,000 Insurance deductible per unit! Damn Insurance!!!

Sonterra Condominiums  – 15425 Sherman Way – one entity owns 61% of the condos. They are not eligible for conventional or Government financing!

 

For all other issues involving condos, please check MikeMeena.com. I will post updates here, but all the information on the naughty list is available on my website. Just go there and click about to find our most updated list.

 

Let me know if you hear anything new about condos or townhouses.

I am available every day if you need anything.

📞 Cell: 661-714-6258

TEXT: 661-714-6258

📞 Office: 661-260-2970 ext. 2222

📞 Direct Line: 661-291-2222

📧 Email: Mike@AugustaFinancial.com

Have a great day, and an even better tomorrow! Please call me when you have a client who needs to borrow!

President | Loan Officer
Mike Meena President | Loan Officer
Click to Call or Text:
(661) 714-6258

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