Consumer Bridge Loans
If you would like to buy a new home before selling your existing home and don’t have all of the cash, then you should consider a bridge loan from Herzer Financial Services, Inc. We make loans to finance the purchase of a replacement residence, and it is possible no down payment is required if there is sufficient equity in your “departing residence”. Another unique characteristic of bridge loans is that income qualification is usually not required; this is a big plus for retirees who often use this type of loan.
When you purchase your replacement residence with a bridge loan you have time to make minor or even major repairs before you move in. Even better, after you move out you can rehab the departing residence in order to optimize the sales price – win win!!!