Reply by Rani Sampson on 6/7/10 12:29pm
Msg #340037
Re: bridge loan - temp financincing still out there
The "bridge lenders" are financing foreclosures nowadays.
One of my clients talked to a few quick money lenders to see what it would cost to get "bridge loan" money so he would have cash to purchase a house at the trustee's sale. If he is the highest bidder at auction, then he can get a traditional loan on the house. As you know, it should take about 30 days to get the appraisal and formal loan approval. Here's what he reported about the price of a "bridge loan":
Fees can be substantial………XYZ & Assoc. charges 2 points and prime plus 8% for the 1st 45 days. On a $250,000 purchase and 80% loan, that’s $6,836.00!
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