Bridge Loan Florida Mortgage Lenders
Cash-out refinance home listed for sale, departure property up to 75% LTV to buy a new Florida home!
The Bridge is a 2-part process, and Florida Bridge Mortgage Lenders has to fund both parts.
Buy Before You Sell Florida Mortgage Lenders
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Florida Jumbo Super Jumbo Bridge Loans
: 60LTV on multimillion-dollar LISTED SFRs.
No payment made for a year, no need to ratio. No ties to the next property they purchase.
SO MANY Favorites: Retired borrowers, borrowers who get caught between 2 contracts, developers needing to move cash to next project, borrowers who can afford one mortgage, but not two.
| Here’s a real deal we closed with another broker, using a bridge-to-sale cash-out to help their client purchase a dream home in Miami, Florida. |
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Part 1 – Bridge/Equity Pull Out
Florida bridge lender will refinance their departure property up to 75% LTV/70% LTV for FL (primary residence). If there are any liens on the property, they will be paid off, and any cash remaining will be used toward the purchase. If the property is free and clear, then all funds will be used toward the purchase. This is a refinance transaction and will have closing costs. The bridge loan is a 12-month balloon loan with no monthly payments. There is no monthly mortgage payment that counts toward DTI. If the property has an HOA, that fee will count toward DTI. The loan will accrue interest each month at an APR of 8.50%. There is no PPP. The Florida bridge lender will escrow 1 year of taxes and insurance. If a payment comes due, the Florida bridge lender will pay it, and the funds will be returned upon the sale of the property. The minimum FICO score is 680, and the minimum loan amount is $250k. There are 3.25 points origination charge. This program also applies to second homes and investment properties, with additional stipulations.
Part 2- Purchase Loan
The equity pull-out is used as a down payment on the purchase loan (primary residence). Florida bridge lenders allow up to 80% LTV on purchase loans; qualifying factors include DTI, FICO, loan amount, etc. Max DTI is 50%. The loan can be a 30-year fixed or an interest-only loan. My FICO is 680, and the minimum loan amount is $150k. There is no PPP on the purchase. You can finance points on top of the loan, up to a max LTV of 75%. This program is also available to Florida bridge lenders for second homes and investment properties, subject to additional stipulations.
Florida Bridge Loan Requirements:
- Minimum credit score 680
- Max debt-to-income ratio is 50%
- Debt-to-income ratio is based on the second permanent loan [ new home being purchased ], using principal, interest, taxes, insurance, and homeowners association fees if applicable
- Can qualify on traditional Tax Return /W2 income, retirement income, or No Tax Return, Florida Mortgage options, or assets as income, Florida mortgage option.
- The home being departed must be listed on MLS; the listing agreement is required
- The home being departed cannot be rented; we do not accept any rental income to qualify
- The bridge loan must be in the first lien position on the new property
- Loan amounts from $300,000 to $30,000,000
- Bridge financing is only available in conjunction with financing on the new purchase home.
| Loan Purpose | Purchase, limited cash-out (includes delayed financing), or cash-out |
| Borrower Type | Entity or Individual (see page 5 for details) |
| Eligible Properties | Luxury • Residential, Non-owner occupied, Business-purpose only • Most recently listed for sale > 6 months ago • Single Family Residences (inc. Condo/PUD) • 2-4 Units • Warrantable Condo • Non-Warrantable Condo (5% Reduction from Max LTV; Requires 1.00+ DSCR & 700 FICO; See new Appendix B to Bridge Flex Guidelines) • Condotel (Max 70% Purchase & Limited Cash-Out, 65% Cash-Out. Requires 1.00+ DSCR & 700 FICO |
| Minimum FICO | 660 |
| Loan Amount | 200k – 30mil |
| MTV Max | |
| FL Condo Requirements | Condos >25 years old and >5 stories must have an acceptable structural inspection reflecting no structural issues |
| Term Options | 30-Year Fixed, 40-Year Fixed |
| Amortization Options | Full Amortization or Interest Only for 10 Years, amortized over the remaining term (75% max LTV) |
Florida Bridge Loan Disclosure
I am applying for two related mortgage loans from Florida bridge lenders. (together with its successors and assigns, the
“Lender”). One mortgage loan (the “Purchase Loan”) is for the purchase of a new residence or investment property to be located at TBD Anywhere in Florida(the “New Property”), and the other mortgage loan is a bridge loan (the “Bridge Loan”) to be secured by my current residence or investment property located at Somewhere else in Florida, FL33028 (the “Bridge Loan Property”).
The sole purpose of the lender making the Bridge Loan is to provide down payment funds for the purchase of the New Florida Property/
Simultaneous Fundings Required.
If the Bridge Loan Property is my current residence, due to regulatory requirements, I will be required to sign the Bridge Loan documents before signing the Purchase Loan documents. It is, however, an unconditional requirement for funding the Bridge Loan that the Purchase Loan be closed and funded. Therefore, even if the loan documents for the Bridge Loan have been signed, the Bridge Loan will not be funded unless and until all conditions for the purchase of the New Property have been satisfied, the loan documents for the Purchase Loan have been signed, and the Purchase Loan is also ready to be funded.
Listing of Departure Residence Required.
It is a requirement of the Bridge Loan that the Bridge Loan Property be listed for sale and remain listed for sale until the Bridge Loan is paid off. If the Bridge Loan Property does not remain listed until the Bridge Loan is paid off, it will be a default under the Bridge Loan, entitling the Lender to accelerate the maturity of the Bridge Loan and commence foreclosure proceedings against the Bridge Loan Property.
Cross-Default.
The Purchase Loan will provide that a default under the Bridge Loan is also a default under the Purchase Loan, and if the Bridge Loan is not paid when due, whether by acceleration or at stated maturity, the Purchase Loan will be in default and may be accelerated, and foreclosure proceedings may be commenced against the New Residence.
By signing below, I hereby acknowledge reading and understanding all of the information disclosed above, and receiving a copy of this disclosure on the date indicated below.
