Asked by smooninc  |  Submitted January 18, 2016

Need a "bridge-loan" to payoff an existing mortgage, in order to transfer ownership of coop apartment and then refinance. I have equity but 640 credit score.

I also have equity in my current home, but I am self employed I so I need lender with more flexible terms. Thoughts?

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  Answers  |  1

January 26, 2016

Hello. I know that Hard Money financing is a definite option for Bridge loans and poor credit scores.
Your score however should still qualify you with other Lenders. I would check with some good local in house lenders such as a Credit Union (Portfolio loans) or even Stearns Lending as you will get lower rates with them.
If the property is in California then feel free to call me and I can let you know how I can possibly help.
Good Luck!
Best, Ken

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