Don't Lose the Deal Because of A
House-to-Sell Contingency!
Have your buyer buy a new home WITHOUT including the
old mortgage debt in their DTI! We have a loan that solves
that problem for you!
5-Stars! 32 Years of Lending Exellence
Castle Rock Capital Funding, LLC, NMLS 2318381
For more than 32 years, the leadership team of Castle Rock Capital Funding has helped thousands of customers make their real estate dreams a reality. Don't you deserve that kind of experience in your corner?
Let's Schedule a Time to
Talk about the Program!
Get Your Customer Into a Home WITHOUT waiting for the old Home to Sell in three simple steps!
We'll get your client a bridge loan at no interest on their old home while we do their new loan for their new property. We won't count the old mortgage against the customer's debt-to-income ratio. You then list the old home and get the sale of the old home and the buy-side of the new home. You're client gets their new home and you get two transaction sides. Win-Win!
Step 1: Complete the Survey
Complete the survey and form above, call us directly, or schedule an appointment to chat. Within 24 hours, we can connect and determine the best course of action to help you and your customers.
Step 2: The Analysis
We'll find the best time to discuss your transaction and develop a battle plan to help you and your customers move forward from the dreaded House-to-Sell conundrum.
Step 3: Get the Deal Closed!
Instead of floundering trying to find a seller that is willing to accept a House-to-Sell contingency, we'll make it so your client can buy the home new home without it while we handle the loan. It's just that easy.
How Does It Work?
The buyer doesn't have to wait for the old home to sell.
You don't have to put a House-to-Sell Contingency in Offers.
The buyer doesn't have to qualify with 2 mortgage payments in their DTI.
The buyer gets a 0% bridge loan for up to 75% of the old homes value with the difference between the old payoff and the bridge loan going towards the new home.
The buyer gets a bonafide offer at the bridge loan amount to buy the property should you be unable to sell the home in a timely manner.
We do the new home loan for the buyer.
You, the Realtor, list the old home within 10 days of the closing on the new home.
You, the Realtor, get the sale of the old home and the buy-side of the new home.
The buyer is happy and you, the Realtor, have made it all happen with your call to us!
Questions?
Here are a few answers to some common questions, but we're happy to answer all of your questions. Just give us a call or fill out the form and schedule a chat.
What does it cost?
The loan for the new home is at market rate. The bridge loan is at 0% interest. The buyer is charged a nominal 2.4% fee based on the sales price of the old home. This is paid from the proceeds of the sale of the old home and is paid at closing on the settlement statement.
What is the Agent's Role?
If you have a client that needs to sell a home before buying a new one, you're in a pickle. It's hard to get offers with house-to-sell contingencies accepted. With our program, we can still allow you 90-days to sell the old house and get the transaction done on the new one. You can still get the sales side on the old home and the buy side on the new one.
How does the bridge loan work?
The buyer gets a bridge loan for 0% interest at up to 75% of the value of the old home. They get cash to inject into the new property equal to the bridge loan amount minus the current mortgage balance on the old property minus costs. They also get an offer to buy the property at the bridge loan amount for 3 months after the purchase of the new home. The agent must list the old home within 10 days of the closing of the new home, but that doesn't mean they can't have the old home listed during the process. If the agent hasn't sold the home 90 days from closing date on the new home, the bridge lender steps in, purchases the property, and tries to sell it for another 4 months. The seller would get the upside if they can through month 7. If, after 7 months, the home still doesn't sell, the customer simply walks away
Why 75%?
The bridge lender needs the protection of carrying a 0% loan for that long of a period of time, but don't worry. If the home sells, the home seller gets the upside minus the 2.4% fee.
What if the Agent can't sell the property?
The agent lists the property as normal and has 90 days from the closing of the loan on the new home to sell the home. If they can't, the the bridge lender steps in, buys the property, takes over for the agent, and tries for another 120 days.
How often does a home not sell?
Very rarely. The bridge lender is in the business of making loans, not owning real estate. They don't want the old property. It's only happed a very small number of times. In most instances, the home sells quickly due to the expertise of an agent like you.
Can we do the bridge loan but use a different lender?
No. The programs are tied. Castle Rock must handle the purchase of the new home with respect to financing.
Castle Rock Capital Funding, LLC, NMLS 2318381
Call Today to Eliminate The House-to-Sell
Contingency Issue Once & For All!
Click to Call or Simply Complete the Form to the Right to Discuss Your Specific Situation or Get Your Questions Answered
Castle Rock Capital Funding LLC
Riverview, Florida
NMLS 2318381
813-727-3621
www.mortgagesbycastlerock.com
