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(310) 478-5005

Los Angeles Bridge Loans

bridge loan lender los angeles ca

If you are buying one property in Los Angeles while you are in the process of selling another, you may need to “bridge” the financing gap with a short-term loan. For that purpose, you need a Los Angeles bridge loan, also known as a swing loan, interim financing, or gap financing. With a bridge loan, you borrow against the property you currently possess. This acts as collateral, providing you with the means to purchase the new property.

Benefits of Bridge Loans in Los Angeles

If you are in a situation where a bridge loan is appropriate, it can offer you an ideal financing solution. Following are some of the benefits of L.A. bridge loans:

  • Bridge loans are short-term in nature. This means that you do not need to concern yourself with penalties, fees, and interest piling up over a long-time period. Once you complete the sale of your existing property, you should have the money to pay off the bridge loan in full.
  • A bridge loan may help you save money and simplify a move. If you wait to finance a new home until after you sell your existing home, you will not be able to move in right away. This may leave you with a housing gap, which means you may need to spend extra money on temporary housing. A bridge loan allows you to move directly into your new residence, potentially saving you this money and streamlining your move.
  • Repayment plans are flexible—and may even help you qualify for long-term financing. With a bridge loan, you can usually choose whether to pay off the short-term loan until before or after you secure long-term financing. If you do choose to pay it off early, it may give your credit a major boost. This may give you more options when it comes to long-term loans.

Still, bridge loans do carry risks. There is a chance your existing home will not sell when you expect it to. Bridge loans also can be expensive, and the qualification requirements tend to be quite strict.

Pacshores Mortgage Can Help You Apply for a Los Angeles Bridge Loan

At Pacshores Mortgage, we are standing by ready to assist you with a Los Angeles bridge loan. We can answer any questions you have, and help you assess the risks and benefits of a bridge loan for your situation. Our network of accredited bridge loan companies in Los Angeles is flexible and willing to accommodate homebuyers in a range of situations. Our long-standing relationships with the lenders in our networks also makes it possible for us to offer special discounted rates and low fees to our clients. Give us a call today at 310-478-5005 to get started.

Do you have questions?

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Client Testimonials

Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

Tony – Orange, California

 

I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

Tracy – Los Angeles, California

 

Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

Javier – West Covina

 

Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

Susan – Fresno, California

 

My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

Cindy – San Diego, California

 

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