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#41736 - 11/08/02 02:50 PM Bridge Loan and Recission
ckme Offline
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ckme
Joined: Sep 2002
Posts: 255
I am doing a bridge loan. The purpose is to purchase their primary residence. I am taking a second on their current home and a first on their new home (Primary Res). How do I give them a recission on the second and fund at the closing for the purchase. We thought about doing two seperate loans because it is interest only for 12 months. Any ideas how to do just one?

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#41737 - 11/08/02 03:12 PM Re: Bridge Loan and Recission
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
I think this might work if you are wanting to secure one loan by both properties, is to close the loan 5 days before the “purchase closing”, then after the rescission period expires you can fund both the loan and the closing. (The only problem is any last minute changes in the purcahse closing)

We do 2 separate loans, a lot easier and cleaner.
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#41738 - 11/08/02 04:08 PM Re: Bridge Loan and Recission
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
We always close our bridge loans with enough lead time so that they come out of rescission the day the RRE loan is to close. It seems to work out fine. The only issue is that the customer has to come in twice to close loan docs, but generally they are more than happy to do so if that's what it takes to get the funds.
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