My family is building a home, and our loan was contingent on our home sale. Unfortunately, the market slowed down, and we are still waiting on a buyer. Our closing date is 10/14, and we will need to get a bridge loan to supply the down payment. The current home's value is $375k, we need $260k for the new home's down payment. My family has really good credit, and I was just wondering if anyone has had a similar situation and perhaps a lender they would recommend? From what I have seen, fees are from .5 to 2 points, and rates are from 8%-10%. Finding multiple lenders to compare has been difficult. Every time I search 'Bridge Loan' or something similar, I get like a million articles from banks explaining what it is, but not actually offering it.
TLDR: Do you have a bridge loan lender that you would recommend in Columbus for an owner-occupied residence?
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source https://www.reddit.com/r/RealEstate/comments/1nnaiet/bridge_loan_providers_in_columbus_oh/
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