Leader Bank Bridge Loan Program

Leader Bank Bridge Loan Program Designed to help you purchase your next property, the Leader Bank Bridge Loan Program enables you to tap the equity of your existing home before you sell it. It provides borrowers with a competitive, short term financing option to increase their available funds for a down payment on a new home or investment property.

Bridge Loan

New Purchase

Current Home Value

$500,000

Purchase Price



$700,000



Existing Mortgage



$300,000

Down Payment (20%)

$140,000



Bridge Loan Amount

$100,000



Interest Rate



Prime + 1.00%

Bridge Loan Proceeds $100,000



APR*





4.302%

New 1st Mortgage



$560,000



Term





12 months

Interest Rate



4.375%





1.00%

APR*



4.413%



Origination Fee

Borrower Cash



Term Monthly Principal & Interest Payment

Monthly Interest Only Payment $354.17

$40,000

30 yrs (360 payments) $2,796.00

Above payments do not include taxes or insurance. Your payment will be greater. *Annual Percentage Rate. Rates effective publication date and subject to change without notice. Program requires taxes are escrowed and rates quoted reflect such. Rates applicable for non-conforming loans on single family properties. Subject to credit approval. Payment of bridge loan due in full after 12 months.

Bridge Loan Terms & Conditions



- Maximum loan amount of $300,000

Contact me for more details!

- Maximum CLTV of 80%

Chris Butts Loan Officer

- Maximum debt to income ratio of 40% carrying both properties

Cell: 781-223-8474 [email protected]

- Minimum FICO of 700



- Eligible properties include 1-2 units and warrantable condos (primary) - US Citizens and Permanent Residents only - Corresponding new first mortgage must be originated by Leader Bank to qualify

Lender NMLS# 449250 NMLS MLO# 613440