bridge finance transaction with home sale

by a searcher

1 year ago

Most of my net worth is tied up in my home, which I intend to sell to finance most of a self-funded deal. Are they any type of bridge facilities or options out there bridge the cash while I would sell the house? I plan to use an SBA loan. I don’t want to sell the house and an LOI fall through. 

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searcher from University of Illinois at Urbana-Champaign

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1 year ago | like reply | 0 likes

lender from Eastern Illinois University

I would recommend securing a home equity loan to pull the cash out in advance. If you don't have the home encumbered enough an SBA lender can be required to take it as additional collateral, so that would mean you need to either get the cash out prior to closing on the SBA loan, or have it leveraged enough where the lender will not need to take it as collateral. If you want to discuss options I can be reached at --@----.com

1 year ago | like reply | 1 like

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