It aims to ease home transition
LendSure Mortgage Corp. is rolling out a new bridge mortgage loan program designed to offer brokers quick funding turnaround and adaptable rates.
LendSure managing director Joseph Lydon described the program, called BOOST (Bridge Option Offering Seamless Transition), as “not your typical bridge loan program. It’s designed with brokers and their clients in mind, offering deferred payments for up to 12 months and excluding the first loan from the calculation of the second mortgage. This way, brokers can provide their clients with a unique solution that helps them secure a new home without accumulating additional debt.”
Through BOOST, clients looking to purchase a new property can settle existing liens with a cash-out option. LendSure said it gives homebuyers leveraging their current home’s equity a better chance to succeed in competitive bidding situations.
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The program offers up to 75% loan-to-value (LTV) for loan amounts ranging from $1 million to $1.5 million for primary residences and up to 65% LTV for loans between $1.5 million and $2 million. For non-owner-occupied and second homes, up to 60% LTV is available for loan amounts up to $1 million.
According to the California-based company’s release, BOOST requires a balloon payment after 12 months for primary residences and second homes, and six months for non-owner-occupied properties, with no monthly payments needed.
“With this program, brokers can offer their clients more than just a loan; they can offer a path to their dream home or next investment property,” Lyndon said.
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