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Zane Cress
  • Realtor
  • Athens, GA
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Looking for a Bridge Loan

Zane Cress
  • Realtor
  • Athens, GA
Posted Mar 18 2024, 15:01

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 

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Erik Estrada
Lender
#2 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
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Erik Estrada
Lender
#2 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
Replied Mar 18 2024, 15:08
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 


 Hey Zane, 

What is the requested loan amount? If it is a 70 LTV loan, this could be possible with a desktop appraisal.

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Zane Cress
  • Realtor
  • Athens, GA
73
Votes |
174
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Zane Cress
  • Realtor
  • Athens, GA
Replied Mar 18 2024, 15:24
Quote from @Erik Estrada:
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 


 Hey Zane, 

What is the requested loan amount? If it is a 70 LTV loan, this could be possible with a desktop appraisal.


 Sent you an email

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Jay Hurst
Lender
  • Lender
  • Dallas, TX
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Jay Hurst
Lender
  • Lender
  • Dallas, TX
Replied Mar 18 2024, 15:56
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 


 We lend out of our balance sheet in GA so make bridge loans there.  But, why are you looking for a bridge instead of long term financing? 

  • Lender Alabama (#69841), Virginia (#MLO-35815VA), Texas (#323441), Pennsylvania (#64778), Oregon (#323441), Louisiana (#323411), Iowa (#31166), Georgia (#55988), Florida (#LO40080), and Colorado (#100506224)

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Replied Mar 18 2024, 15:58

Good thing you're putting it out there! Hopefully, someone in GA can swoop in with that bridge loan by April 1. That house deal sounds sweet, and with those 1031 Exchange funds ready to roll, you're primed and ready.

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AJ Exner
Pro Member
  • Lender
  • Springfield, MO
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AJ Exner
Pro Member
  • Lender
  • Springfield, MO
Replied Mar 18 2024, 18:09
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 


Hey Zane,

Should have plenty of bites with that, but is the need for a bridge because of the timeline (needing by April 1) or for another factor? Are you planning on it being a Short-Term Rental? Is the end goal to put it into long term financing? Is it 5+ units (many standard bridge lenders are capped at 1-4 units). 

Would love to help you but we would certainly need some more information as well as what kind of leverage you are needing to fully utilize the 1031. 

Sent you a DM, but good luck regardless!

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Jacob Sherman
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#1 Rehabbing & House Flipping Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
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Jacob Sherman
Pro Member
#1 Rehabbing & House Flipping Contributor
  • 12 Penns Trail Suite 138 Newtown, PA 18940
Replied Mar 18 2024, 18:50

Am able to assist with both bridge and DSCR . We specialize in bridge, fix and flip, ground up construction and DSCR going upto 100 units . No income No Doc

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Andrew Zamboroski
  • Lender
39
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131
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Replied Mar 18 2024, 21:16
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 

Happy to take a look!

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39
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6
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Joe Dillamore
Pro Member
  • Lender
  • Greenville, SC
6
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39
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Joe Dillamore
Pro Member
  • Lender
  • Greenville, SC
Replied Mar 19 2024, 09:00

@Zane Cress I'm based 1h30 away in Greenville SC, but work with a host of lenders that lend in GA, including a few local. That timeline shouldn't be an issue with a good lender

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Simmy Ahluwalia
Pro Member
  • Lender
  • Atlanta, GA
163
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Simmy Ahluwalia
Pro Member
  • Lender
  • Atlanta, GA
Replied Mar 19 2024, 15:10

@Zane Cress - we are ATL based, and can close pretty quickly IF we like the deal.  Feel free to reach out.

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Givo Aghasi
  • Lender
  • Los Angeles, CA
48
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80
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Givo Aghasi
  • Lender
  • Los Angeles, CA
Replied Mar 21 2024, 09:59

@Zane Cress Happy to take a look! We specialize in bridge, fix and flip and DSCR loans.

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Salvador Auciello
  • Lender
  • Irvine CA
17
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59
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Salvador Auciello
  • Lender
  • Irvine CA
Replied Mar 21 2024, 11:01

For speed do you already have an appraisal done? This will make it very easy to close.

We can do bridge loans on multifamily 5+ units. 

We also do DSCR loans for multi family.

Lets connect.  We are a Nationwide Direct Lender and wholesale lender. 

Ill send you a DM

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Sophia Buesing
Pro Member
  • Lender
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Sophia Buesing
Pro Member
  • Lender
  • Denver
Replied Mar 22 2024, 15:04

Would love to help!

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Zane Cress
  • Realtor
  • Athens, GA
73
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174
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Zane Cress
  • Realtor
  • Athens, GA
Replied Apr 15 2024, 11:25
Quote from @Zane Cress:

Currently have quotes on a DSCR but looking for a 12 month bridge option. MoFin has been unusually bad about responding so I am seeking someone who can pull something off by April 1. If you're a GA lender let's connect.

Deal - 775k house in prime location well under market value.  1031 Exchange funds ready to deploy for down payment. 


 Thank you for the replies. Got it done with Easy Street Capital. Came through quickly and it worked out great. Thanks Zachary Deal for the help.