Featured Loan75% LTV Owner Occupied Blanket Bridge Loan
Loan Amount: $375,000
Loan-To-Value: 75% LTV
Situation & Challenge
A homeowner was in contract to buy a bigger home for $505,000 but wasn’t ready to sell their current home since family members would be staying there for the next few months.
At the time, the highest LTV on owner occupied bridge loans was 70%. Our borrower needed 75% LTV.
Solution & Result
The private money lender used a blanket loan with the existing primary residence and the new purchase as collateral to get to 75% LTV.
The borrower kept the 75% LTV owner occupied blanket bridge loan in force for the full twelve month term, refinancing into a Fannie Mae loan. The refinance released the lien from title on the previous primary residence, which they wound up keeping for extended family to rent.