Marquee Funding Closes
Bridge loans can be really helpful for buyers that need to close a purchase prior to selling their departing residence. Marquee Funding Group can lend up to 70% of the combined value of any two, three, or more properties while keeping existing conventional loans in place (we can take a 1st, 2nd, or 3rd position on the departing residence while taking a 1st on the new purchase).
Utilizing both properties as collateral for one loan we can give borrowers a short term loan to acquire their new residence, move in, and give them enough time to sell the departing residence. When the departing residence sells the borrower will either pay off the loan in full or reduce the principal balance of the loan to 70%, or less, of the value of the newly acquired property for us to release the lien from the borrowers departing residence. After the departing residence sells the borrower will either be debt-free or the loan balance will be reduced so that borrowers are in a position to get a regular bank loan to pay off the balance