Opes Advisors, a wealth management and mortgage banking firm based in Palo Alto, Calif., has launched a new bridge loan program designed for current homeowners who are looking to purchase a new home before they have sold their current residence.
Under the program, a current homeowner can access up to 80% of the equity in his or her home to help fund the down payment on a new home. The loans are short-term, fixed-rate, interest-only products with no monthly payments due.
Using a bridge loan in this way can ‘help clients make an attractive offer on a new home that is not contingent on the sale of their current home,’ explains Susan McHan, CEO and president of Opes Advisors' mortgage banking division.