Alternatives to bridge loans?
We own our home outright which is conservatively valued at $450K. The home, 12 years old, is in a very desirable location, superior lot, and was fully refreshed in 2007. We're looking to purchase a new construction for $650K. The home won't be ready for 4 months but since the timely sale of our home isn't certain in this economic environment we're looking to secure financing for the new home. Since bridge loans basically don't exist anymore, what options are out there for us?
Some lenders, especially banks have a construction-perm loan. Some call it a one-time-close. They usually have a little higher interest rate but have some advantages. Since you own your existing home out-right, your current bank would be foolish to not roll out the red carpet for you.
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