borrow large amount for short time?
 

If you wanted to borrow money for a short time for a "bridge loan", where would you start?

There is a firm Bridgewell (I think) that advertises in the daily Sun, and I think they specialize in these types of loans. The banks will probably need 45 days or so, howver, I recently had a very positive experience with Community Bank (Pinellas Plaza) and was able to close a load in 14 days or so.
Hope this helps, and good luck.

Assuming you have the equity in your home to do that I would shop it. If you belong to a credit union I would start there, talk to the bank that is giving you your mortgage, Citizens bank down here since they are usually more flexible because of their relationship here, then maybe a rich uncle. Bit all the above.

Some additional info, Citizens First (I am a customer) is different from Citizens First Mortgage (found out the hard way). Both Chase (I am also a customer) and Citizen First had Home equity loan lead times of at least 45 days, and rates significantly about Community Bank. As I stated around 14 days, 3.75%, and if you keep the loan for 3 years, they wave the closing costs, this is a real good deal.

Village Thinker, do you have a name for the loan officer at Community Bank? I would prefer not wait 45 days.

Rochelle Clark, 352-674-5200, tell her Dave with the Birdcage project sent you, wonderful people to deal with.

viilagethinker did community Bank deduct your first month mortgage payment even though you paid off the loan immediately?

I have no idea, as I am paying monthly, over 3 years to get the free loan offer.

I think you can get a HELOC from SunTrust for 1.99% for a year. Saw the ad, but I don't know the details or the max you can borrow.

I recently purchased another home in TV and was concerned because although I qualified for a mortgage I wasn't sure I was going to close in time on my home in NY. We dealt with Anthony Sciacchitano from Citizen's First Home Mortgage. 352-259-3249. We had explained our situation to him and he worked up a conventional mortgage (in case we did close) and explained to the lender that we may need a bridge loan for a month or so if we did not close in NY before our villages closing. Given the situation he indicated that he could secure the bridge loan within days.. however.. he already had a standard mortgage approved through the lender. Your original post did not indicate what a short time is so my advice in MHO is to sit across from the mortgage consultant so that all your needs can be addressed. Although the rates at Citizens First Mortgage are a little higher their customer service in impeccable. We are also Chase Private clients but still chose to go with Citizens because they provide a re-ammortization of the mortgage yearly for any amount over $10,000 without having to refinance. Chase did not provide that option so we chose Citizens.

I am not sure what short term means in this instance but if you are planning on moving here permanently an ARM might be the way to go as long as your current home is sold before the rates go up.

My son and I flipped a couple of houses recently. I got a home equity line of credit, from Citizens bank. We remodeled the houses in Wisconsin and sold them in 3 months. We paid the bank back with interest for the 3 months. Then we have to pay $96.00 a year for 3 years to keep the from paying closing cost. Go to Citizens in Brownwood ask for Rita Watson she is very sharp and it didn't take 45 days to qualify.

I hope this helps I have done this over 30 times for various Business ventures, over the years. Len

Thank you!
 

Thanks to all who replied to my post. We closed on our new home yesterday, but did not want to tell you until closing for fear of jinxing it.

We stopped at BOA first, as that is where the balance of our money was. We were approved in just a few hours , but it was a mortgage and we did not want the fees that go along with a mortgage.

Next, we went next door to Community Bank and Trust on 466. We were given a home equity line of credit loan the next morning (depending on the appraisal) and we closed yesterday. We could have closed sooner, but we were not happy with the inspection results, so we went with a different home.

Ruth Azeez at Community Bank and Trust, 352-259-3070, on 466 next to Walgreens, was our banker. She is a pleasant person who knows what she is doing. She made it seem so easy! I would certainly recommend her for your banking questions.

Village Thinker, we would not have gone to any Community Bank and Trust, had you not suggested it. We just did not end up on 466A. Can't really say why. But thank you for your help.

Len, as I understand it, we can pay the loan off at any time, without paying the fees, as long as we keep the account open for three years. It can have a 0 balance.

Thanks again!!

Pat

We did the same as Brendannyc with Citizens First mortgage as we are holding our house at the Jersey Shore for now. We closed in about 27 days and got a 3.75 rate for 15 year but not as good a deal as Community's with the closing costs waived. However, we knew of no other bank around that would re-ammortize the loan with additional lump sums without having to refinance. Citizens First Mortgage is outstanding with Customer Service also. VillagesThinker thanks for sharing about Community Bank!