Palm Springs Bridge Lenders for Residential Real Estate
A list of lenders offering bridge loans for a Palm Springs area residential property purchase. Most private mortgage lenders only offer loans for investment or business purpose. Some will consider a primary residence bridge in which a homeowner uses equity in one home to buy another. Change the loan type to "Residential Owner-Occupied" for more options.
In November 2014, the Wilshire Quinn Income Fund financed a $510K bridge loan secured by a vacant single family home in Palm Springs. The Borrower needed to refinance and cash out equity to use for a new business. The property is a single family residence built in 2006, consisting of 3,400 square feet with 3 bedrooms and 3.5 baths, with a pool and spa. The appraised value is $850K so the loan-to-value is 60% LTV. We paid off the previous lender and provided the cash out funds 7 days after the initial request. The Borrower plans to sell the home soon which will pay off this 1st trust deed mortgage.