Realtors

Think you know bridge loans?

Here’s my favorite agent story…
Discuss a deal
Working together

Consumer bridge loans are magic – they can create transactions out of thin air.

A few months ago one of my agents called me in a mild panic. Her retired clients who live in a $2.3M tri-level hillside home on an acre have just found the perfect house for downsizing – one level, flat, private, low-maintenance, and with the equity in the departing residence they can pay cash for the new $1.5M home. Problem, of course, is that the listing is taking offers in three days, and there will be multiple offers and the clients have no cash outside of retirement accounts. In less than 24 hours clients are fully approved for a bridge loan with a 17 day close, can make an offer with no loan or appraisal contingency, and don’t have to liquidate an IRA and pay a huge tax bill.  Total transaction value: $2.3M+$1.5M=$3.8M

The same agent calls me a few days later, new scenario. Recently widowed client in Sausalito needs to move out of her large home, valued at $3.3M with a tiny mortgage, but is paralyzed by the thought of having to sell and not knowing where she will go. She has just found the perfect place in Corte Madera for $1.2M and they are about to take offers. Boom, bridge loan approved, client in contract with a 21 day close. Total transaction value:$3.3M+$1.2M=$4.5M

AGAIN, the same agent calls me a week later. Clients in Novato want to downsize from their $1.5M home with a $400k mortgage down to a $1.1M home to rebuild their finances. Problem is that their credit is terrible – the wife left her job for two years to take care of her dying mother, and the couple burned through their savings. Now she is back to work, both have excellent jobs and have had perfect credit their entire lives until this problem. Bridge loan approved. Total transaction value:$1.5M+$1.1M=$2.6M

That is $10.9M in transactions thanks to the consumer bridge loan!

Call me directly, or schedule a 10-15 call on my calendar. If I miss you when you call, text me. I usually get back to all calls within two hours.

Private Money Lending can:

1) Make cash-like offers that in win a bidding war

2) Avoid clients having to sell and move before buying a new place

3) Avoid clients paying a big tax bill when liquidating appreciated financial assets.

Always happy to walk you through the process or discuss how a consumer bridge loan might help your clients.

Terms: Up to 100% of the purchase price, no prepayment penalty, offers can usually be made non-contingent with a fast close.

Let’s stay connected on LinkedIn:

1. Win the bidding war with cash-like offers and speed.

2. No more having to sell and move before buying a new place.

3. Save clients a big tax bill liquidating financial assets.

Richard is an expert in mortgages and financing. He is extremely knowledgeable about different financing options and is able to provide detailed information about what is available to his clients. He is very responsive by phone or email. He also provides a personal touch to the experience financing for a home.
Richard was instrumental in helping me purchase a house. He also came with me to do the signing at the close of the sale. I cant say enough about how passionate and experienced Richard is in his field.
Lisa Hartmayer
Nurse Practitioner, UCSF Medical Center
Richard is a rare find. His expertise regarding mortgages and real estate financing in general is super, as evidenced by his book and my personal experience. Combine that with his high level of professionalism and his style which includes humor, sensitivity and passion for delivering the best service and the best possible deals, and you have the kind of person that I truly value doing business with. I have consulted with Richard over many years on a wide variety of real estate transactions and his insights have been invaluable, while he is also an absolute pleasure to work with. I trust him absolutely to always have my back and cannot recommend him more highly.
Jon Leland
B2B Marketing
Richard did an incredible job helping me purchase my first home. He was easy to work with – giving a clear list of information required and taking the time to explain things if needed, was quick – both with getting a last minute offer put together and working with a short close on the property I purchased, and was very responsive via email & phone. From start to finish everything went smoothly. I would highly recommend Richard to anyone. Thanks Richard!
Dan Wittmer
Software Engineer

SUCCESS STORIES

The personal side of private money lending.

Downsizers Get Their Dream Home…
This IS ANOTHER PROPERTY PLACEHOLDER
BRIDGE LOAN SUCCESS STORY

Downsizers Get Their Dream Home – And Make a Profit!

Yvonne and David love their new home in Santa Cruz! Without a bridge loan though, it wouldn’t have happened. The bridge allowed them to make a cash-like offer, beating five other bidders, and gave them the time to move into the new home and make improvements on the old one after close, before it was sold.

The Challenge: Downsizing empty-nesters wanted to purchase 257 Sheldon Avenue in Santa Cruz but there wasn’t much time. It was a multiple offer situation and the borrowers had to make an offer in two days with no contingencies and a 17 day close or they wouldn’t be competitive enough to get their dream home near the beach. Liquidating investments to provide enough money for the purchase wasn’t an option and would have presented them with a huge tax bill. To get the value our of their current residence, it would need work, so selling before buying would have meant either living with construction or losing much of the value of their home in the transition.

Solution: Their residence at in Mountain View was worth over $2.5 Million with only a $600,000 mortgage. I had them approved for a consumer bridge loan in 24 hours so they could make a competitive offer in time. We closed on the Santa Cruz purchase right on time. They moved into their new home, did the work needed on the Mountain View home to raise the value, and sold it for $3.1 million.

Let’s Talk about your situation

“

I don’t know what we could have done without Richard! We love our new home! –Yvonne