HML/PML who won't require me to pay off a HELOC to get a bridge

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HML/PML who won't require me to pay off a HELOC to get a bridge

Laura Owens
Member since 2022 · 3 posts · 1 vote

I'm in the process of exploring my options for obtaining a very short term bridge loan (30-90 days) and am reaching out for some guidance and recommendations. My goal is to find a hard or private money lender who will allow me to keep my HELOC in place since it is such a short turnaround. Any recommendations?

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Laura Owens:

    I'm in the process of exploring my options for obtaining a very short term bridge loan (30-90 days) and am reaching out for some guidance and recommendations. My goal is to find a hard or private money lender who will allow me to keep my HELOC in place since it is such a short turnaround. Any recommendations?


    They may make you pay off your HELOC but your HELOC still should be intact.

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  • Laura Owens
    OP
    Member since 2022 · 3 posts · 1 vote
    2y
    Quote from @Chris Seveney:
    Quote from @Laura Owens:

    I'm in the process of exploring my options for obtaining a very short term bridge loan (30-90 days) and am reaching out for some guidance and recommendations. My goal is to find a hard or private money lender who will allow me to keep my HELOC in place since it is such a short turnaround. Any recommendations?


    They may make you pay off your HELOC but your HELOC still should be intact.


     How would that work? I didn't know that was possible!

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  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    2y

    It seems to me that the bridge would want to be in first position and would ask for the HELOC to be closed or subordinated. You are going to have to ask both lenders how they would roll with your plans.

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    2y

    @Laura Owens can you explain the scenario a little bit more? Is this on a property you are looking to buy? Looking to sell? Is this on your own primary home? Values and current loan amounts? A "bridge loan" means something very specific. A "hard money" loan also means something specific. So, if you are wanting a hard money loan on a new property you are purchasing...then no HML would require a separate HELOC to be paid off. I mean, I can't speak for all HML here...but any that would require that would be dumb. There would be dozens of others who would NOT require that.  But that's if you were buying another investment property.  That's why the scenario is so important.

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  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    Do you have a first mortgage and a heloc or only a heloc ? 

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  • Laura Owens
    OP
    Member since 2022 · 3 posts · 1 vote
    2y

    @Jacob Sherman First mortgage and a HELOC

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  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    So you're looking for a 3rd lien on the property ? that may be super tough to find 

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