The problem
They found the next home first.
The borrower may be ready to move, but the current home has not sold yet. Waiting for the sale can create timing issues, weaken the purchase offer, or cause the borrower to miss the opportunity.
What is a Consumer Bridge Loan?
A consumer bridge loan is a short-term residential loan that allows qualified homeowners to purchase their next home before selling their current one. The borrower's existing equity in the departing residence supports the new purchase.
The structure
One loan. Two properties.
Harbor can structure one loan secured by the purchase property and the departing property, using available equity to support the next-home purchase.
The outcome
Move once. Sell on their timeline.
The borrower can move forward with the next purchase and then sell the departing property after the move, subject to approval and program guidelines.
Why mortgage brokers choose to work with Harbor
#1
100% or more financing possible
Based on available equity, the borrower can access 100% or more of the purchase price. Because both properties are included in the loan structure, the combined equity brings the deal together. The 65% CLTV maximum applies across both properties. Subject to approval and program guidelines.
Licensed States
Where Harbor lends
Borrowers do not always buy and sell in the same state. Harbor can lend and cross-collateralize properties across multiple states, where permitted by applicable state law. That gives mortgage brokers another path for qualified borrowers who need to buy before they sell.
Licensed
Coming Soon
Not currently available
Subject to approval and program guidelines. Program availability may vary by state. This is not a commitment to lend.
How it works
Four steps from the current home to the next one.
Identify your equity
We assess the equity in the departing home and determine the loan amount available for the new purchase.
Structure the loan
One short-term bridge loan is structured around the departing home equity to support the new purchase.
Close and move in
The borrower closes on the new home on their timeline. They can even move in before the current home ever hits the market.
Sell and pay off
The borrower prepares, stages, and lists the departing home when ready.
Have a borrower who needs to buy before they sell?
Loan officers and mortgage brokers. Submit a scenario and we will give you a clear answer quickly. We respond fast, work within your existing relationships, and never compete for your clients.