Bridge loans in Old Orchard Beach
Short-term financing that lets you buy here before selling somewhere else. In OOB's tight, multi-offer environment, a non-contingent offer often wins over a higher contingent one, that's the bridge use case in one sentence.
Standard structure
6 to 12 months, interest-only, secured by either the departing residence or the new property. Rates for this program typically price above a standard conventional loan, and origination points are common.
Two common shapes
(1) Bridge against departing residence, borrow against the equity in the home you're selling, use proceeds plus savings as cash to close the OOB purchase. (2) Cross-collateralized, single loan against both properties, paid off when the first sells.
When it makes sense
Listing inventory in OOB is under 3 months supply and most quality properties move in 7 to 14 days. A clean, non-contingent cash-equivalent offer is worth meaningfully more than its dollar amount.
Risks
Carrying two mortgages if the departing home doesn't sell on schedule. Mitigants: price the departing home aggressively from day one; underwrite the bridge with a 12-month worst-case carry.
- Term
- 6 to 12 months interest-only
- Rate
- Prime + 1 to 2%
- Best for
- Non-contingent offers in tight markets
Compiled from Town of Old Orchard Beach, RSU 23, FEMA, Maine Revenue Service, US Census, and MLS. Deemed reliable but not guaranteed; verify before any transaction.
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This site does not originate loans and is not an offer or commitment to lend. Figures are estimates for education only. Equal Housing Opportunity.