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Recent experiences with Flyhomes for bridge loan

The most recent post I saw about Flyhomes was almost a year old, other posts were years old, so was hoping to get some more recent insights.

I live in a competitive market and have a lot of equity locked up in my current home. Classic story.

A mortgage broker (who I like and trust) partners with Flyhomes. They’d be able to give me a nice bridge loan on my equity (which I’d combine with my cash reserves) to use as a sizable (40ish%) down payment on a new home.

I like this idea for several reasons. I’m not paying for two mortgages. The interest on the bridge is less than my current mortgage. And I get some breathing room and can maintain my current cash flow while I sell my current home (whose proceeds I’d use to recast the new mortgage).

I know this is going to cost me more than just trying to buy/sell in the traditional sense of trying to line up closings or putting 20% on the new house and carrying two mortgages for a bit. But for the cash flow and peace of mind, I’m ok with that.

But what am I missing? Anyone else do this recently? Thought on Flyhomes or other buy/sell bridge loan type companies?

submitted by /u/jeezumbub
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1wwk74r/recent_experiences_with_flyhomes_for_bridge_loan/
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