Bridge Loans

In response to today’s highly competitive purchase market, Sammamish Mortgage has partnered with a private capital firm to offer true home bridge loan financing. This option allows a move up buyer to purchase a new home without having to sell their current residence until after closing. In Real Estate terms, this allows you to purchase a new home non-contingent on the sale of your current residence.

Benefits of Bridge Loan Financing:

  • Unlike most home bridge loans, which are glorified 2nd mortgages or HELOC’s tied to your current home, the Sammamish Mortgage bridge loan is a new short term first lien on the new home you are purchasing.
  • Flexible debt to income ratios – A typical Seattle bridge loan lender will take both the current and new mortgage into account for qualifying. Our bridge loan only takes the new mortgage into consideration when calculating the debt-to-income ratio. This dramatically increases the reach of this loan as an option.
  • No Prepayment Penalty – The loan itself is structured as short term ‘bridge’ financing, so the sooner you pay it off, the better.
  • Avoid having your offer denied by sellers that aren’t considering contingent offers.
  • Eliminate the risk associated with selling your home first and then attempting to buy a new home after your sale. Given the limited inventory, you might find it difficult to find a new home that you like.
  • Avoid moving your family into a short-term rental while you search for or wait for your new home to close.
  • How do I pay off the bridge loan? Once your new purchase closes, Sammamish Mortgage will begin the process of setting up your permanent financing. Once your previous property sells, we will finalize the refinance into a long-term conventional mortgage.

This home bridge loan program is only available for properties located in Seattle as well as all of Washington, Oregon, Colorado & Idaho. We offer a wide variety of mortgage programs and products with flexible qualification criteria.  For more information, contact our team of Seattle bridge loan lenders at 425-401-8787. Realtors: if you have buyers that are currently stuck making contingent offers, give us a call and we can discuss this option in greater detail.

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Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787