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Updated about 3 years ago on . Most recent reply

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Lance Bradshaw
  • Investor
  • Draper, UT
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Bridge Loan for On-Time Close, i.e. where are all the appraisers?

Lance Bradshaw
  • Investor
  • Draper, UT
Posted

I am scheduled to close on a mixed-use property in Wichita Falls, Texas on April 26th and I've been pre-approved for a conventional loan but they have not been able to find an appraiser to pick up their appraisal order and I'm at risk of missing my closing date.

PP is $94K. Property has two structures: a 2/1 single-family residence that is ready to rent right away and meets a 1.25 DSCR for the entire property by itself. Second structure is a commercial building that was most recently used as a church. It will eventually be converted to a duplex or possibly a climate-controlled storage unit. I need a bridge loan to help me close on schedule and then I'll utilize my lender's delayed purchase program and refinance into a 30-year conventional loan.

Anyone have any recommendations for a bridge loan program that can close in 10 days? Or am I better off to throw myself at the mercy of the seller and ask for an open-ended extension?

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Guy Gimenez
  • Investor
  • Corpus Christi, TX
1,671
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Guy Gimenez
  • Investor
  • Corpus Christi, TX
Replied

If you're working direct to seller, ask him/her to provide you short-term financing (24 - 36 months) with a reasonable down payment. This gets you ownership so you can get the property reconfigured and improved so appraising and refinancing will be easier. This is unique property and I too am surprised a lender wants to deal with it as it's configured. And your chances of finding a bridge loan are slimmer than winning the lottery. 

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