Compass Bridge Loan: A simple solution to bridge the gap between the home you have and the home you want.

January 29, 2020

 

Compass Bridge Loan Services gets you access to competitive rates and dedicated support from industry leading lenders, with the exclusive option to get up to six months of your loan payments fronted when you sell your home with a Compass agent. 

  

WHAT’S A BRIDGE LOAN? 

A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell. 

Our Solution 

After months of research, Compass has selected lenders that are offering competitive rates and dedicated service for Compass clients. Already working with a lender you love? No problem. This unique solution lets you choose the provider that works best for you. 

Bridge Loan Advance 

Work with a Compass agent to sell your current home and get up to six months of your bridge loan payments and other associated costs fronted – an exclusive offering for Compass clients, regardless of the lender you use. 

 

 

DOES A BRIGE LOAN MAKE SENSE FOR YOU? 

Is Your Money Tied Up In Your Current Home? 

If you need to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home – like for a down payment or mortgage payments. Once your current home sells. you’ll use the proceeds to pay the bridge loan back. 

Do You Need To Move Within A Specific Timeframe? 

If you’re relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to , without having to wait for your old home to sell. 

Does Your Home Require Renovations Or Other Work? 

Wether you’re using Compass Concierge to increase your home’s value, or are making improvements on your own, it may be easier to have construction work done when you’re out of the house. A bridge loan can help you move faster so you’re out of the house while those improvements are being completed. 

 

HOW IT WORKS

1. Work with your Compass agent to search for your next dream home. 

2. Get pre-approved for a bridge loan with a lender of your choice, such as Better.com or Freedom Mortgage.

3. Learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable. 

4. Sign an exclusive listing agreement with your Compass agent to sell your current home. 

5. If needed, use your bridge loan to purchase and move into your new home while your Compass agent works to sell your current home. 

6. When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance. 

 

Next Step: Finding A Lender

While Compass clients are encouraged to find the best lender for them, Freedom Mortgage and Better.com are industry-lending lenders who offer short-term financing and are a part of Compass Bridge Loan Services. 

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9454 Wilshire Blvd, 4th Floor, Beverly Hills, CA 90212 | P: 424.230.7928 | E: info@rarepropertiesinc.com