October 23, 2024 • 30 mins
Unlock the secrets of strategic home buying and selling with Nathan Lindley from Gold Star Mortgage. Learn how bridge loans can become your best ally in the real estate market, offering the flexibility you need to purchase your dream home before selling your current one. Nathan shares insider tips on utilizing home equity to bypass sales contingencies, making your offers more attractive in fiercely competitive markets.
Navigate the complexities of non-qualified mortgage solutions as Nathan presents real-world examples of handling multiple contingencies in transactions. Discover why minimizing these contingencies is crucial and how bridge loans are rising in popularity, especially in hot markets like Florida. Gain insight into why partnering with knowledgeable professionals can be a game-changer, especially when traditional banks don't offer tailored options.
Maximize your home buying options with expert strategies on managing existing mortgages and refinancing timing. Nathan explains how listing as a contingent escape can open doors to better offers while maintaining the security of a contract. Emphasize the importance of a skilled loan officer to help craft the most compelling offer, ensuring you secure your desired home at the best price. Stay connected with us through our resources in the show notes, and remember that your feedback and reviews are invaluable to our community.
To contact Nathan Lindley:
email: lindleyloanteam@goldstarfinancial.com
phone: 727.452.9868
https://www.instagram.com/thelindleyloanteam/
https://www.facebook.com/TheLindleyLoanTeam
Sarah Thress
614-893-5885
First Time Home Buyer course: https://sarahthress.graphy.com/
Instagram https://www.instagram.com/sarah_thress_realtor/
Facebook https://www.facebook.com/SarahThressRealtor/
https://www.youtube.com/@LIFEINCOLUMBUS
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Hi and welcome to this week's episode of Come to
Find Out.
This week, we are with NathanLindley with Gold Star Mortgage,
and if you've been listening atall, you know that he's
recorded a few other episodeswith me, so it's been so nice of
him to take so much time out ofhis busy schedule to help
(00:23):
educate us.
But Nathan and his team arelocated in Florida to take so
much time out of his busyschedule to help educate us, but
Nathan and his team are locatedin Florida.
As you all know that I amlicensed here in Ohio and in
Florida, so I really wanted tomake sure that I'm getting some
good information out there forpeople that are looking to buy
or sell in the Florida market,as well as getting information
from Nathan so that you canunderstand that if you're
working with market, as well asyou know, getting information
(00:44):
from Nathan so that you canunderstand that if you're
working with him, he is very,very knowledgeable and he's
going to take really good careof you.
So, nathan, thank you, yeah,thank you, yeah, absolutely so,
today I really wanted to talkabout bridge loans and you know,
I feel like I feel like a lotof people you know hear that
(01:05):
word bridge or recast, or somepeople call it the blanket loan,
whatever you want to call it.
But I think that with ratescoming down, more buyers getting
back into the market, which isgoing to incentivize more people
that were already going to haveto sell.
Now they're like oh gosh, now'sthe time.
(01:26):
But they're trying to figureout does it make sense for me to
buy and then sell, or do I needto sell first and then buy?
Should I do a contingent on ahome sale, end the contract,
things like that?
So all of those things become,you know, less options as the
market continues to get, youknow, crazier.
(01:47):
So I would love for you to justkind of explain, you know
bridge loan and how you feelthat that you know helps people
to be more competitive and youknow, and just kind of give us
some insight.
Speaker 2 (02:01):
So absolutely and let's start at a real high level
.
And you know, define a bridgeloan.
So a bridge loan is takingequity in your existing
residence and somehow using itto purchase your next home, your
(02:25):
next home.
And the reason you would dothat?
There's a couple reasons youwould do that.
The benefits of doing thisprocess of somehow getting your
equity and transferring it tothe purchase of your new home
without selling first, is numberone.
It allows you to purchasewithout a sales contingency and
on the realty side, that'sgolden for both buyers and
sellers.
It makes it much easier to sellthe property to somebody who
(02:47):
doesn't have and accept an offerthat doesn't have a you know a
contingency on another sale, sothat you don't end up with
stacked transactions.
It also can affect what you canexpect to get from the sale of
your home.
You know, if you're under thegun of like well, I'm under
contract to buy this house in 45days and I just listed mine,
(03:09):
you pretty much have to takewhatever offer you get in the
first five to 10 days.
You know, like you don't havetime to mess around, you better
be just taking that first offerthat you get and you maybe you
know, maybe it's difficult tostage your house.
I mean, if you've got threekids, five pets and have been a
hoarder for the past six years,maybe your house doesn't show as
well.
You know, maybe your housewould show a lot better if you
(03:32):
move out, and you know so.
Those are the reasons toconsider something like this.
You know, those are the two bigreasons is, you know, better
negotiating power because youdon't have a sales contingency,
and better listing power becauseyou're not under a time crunch
gun of I've got to take thefirst offer that comes and
(03:53):
potentially, you know, able tosell for more.
Again, talk to your real estateprofessional or will help you
with that of.
You know whether or not thatmakes sense and what those
numbers might look like.
But so that's what we'retalking about here.
Is, okay, how can I take?
You know I own this house andlet's make up some big numbers
here.
Nice, easy numbers.
Remember, we've got a housethat's worth 500 and we owe 250
(04:16):
on it.
Okay, and I want to buy a housefor a million and I want to,
you know, have a $500,000 loanbecause that's how much equity I
have there.
So make that happen for me.
Great, well, the first step,the way that we've done this for
a long time is we would startwith your house and we would do
(04:38):
a line of credit.
Okay, now this is kind of trickybecause people that do lines of
credit don't really like to dolines of credit for houses that
are going to be sold.
So we try to do that before theproperty is listed for sale.
There are other options.
Now I actually have a companythat does a line of credit that
doesn't care if the property islisted for sale.
(04:58):
But you know we do that line ofcredit and we get X amount of
equity out of that.
So you know, if it's 500,000,we'll lend you against four.
You know 400.
Of that you owe 250.
So you're walking away with$150,000 of equity.
We use that for the downpayment and closing costs on the
(05:19):
new home.
And then one of the tricks thatI do with my clients is then
I'll put in another secondmortgage and then we'll do a
$500,000 first mortgage.
So you end up with the firstmortgage that you want, a second
mortgage on your new home thatwill get paid off when you sell
the existing home, and a secondmortgage on your existing home
(05:42):
and a first mortgage.
You got four mortgages.
You better have some income tobe able to qualify for those
four mortgages.
So over the past 10 years, thathas been the normal way of
doing a bridge loan.
You better be flush with cashto be able to handle those
payments.
Again, we work in somestrategies of owning and paying
(06:05):
for mortgages.
Yes, you have freedom andflexibility in how fast you sell
the property, but you don'twant to be carrying four
mortgages for that long either,so you want to make sure that
you're staging things and havingit ready to go pretty quickly.
Okay.
So that's where we've been overthe past five, six, seven years
(06:26):
of how we do bridge loans.
It lowers the stress in thesense of you're not trying to
buy and sell on the same day.
It moves over there, butthere's a carrying cost for
owning two properties for theperiod of time and there's the
stress of being able to handlethose payments.
And there's the stress of beingable to handle those payments.
Great.
Now, in the past 18 months, twoor three products are coming
(06:51):
online that change this a littlebit.
We still go to the first house.
We still do.
Now what we're going to do iswe're going to do a cash out
refinance.
Okay, we're going to pay offthe existing loan and we're
going to take 70, 75% of thevalue of that property.
We're going to pay off the oldloan and we're going to get that
(07:13):
lump of cash.
We're going to move that moneyover, use it for the down
payment and closing costs of thenew loan or the new purchase
property.
Okay, that all sounds the same,but here's what's cool with
these new products.
With this new product, thatloan that you just took out on
your primary residence has nopayment.
The interest accrues from theday you close, which is three
(07:41):
days before your closing of yournew property, until you sell it
.
And you have a year to sell it.
Okay, so you can go.
You know again, you want tohave it listed and be ready to
sell it quickly, stage or assoon as you move out all those
things.
But there's no paymentassociated with that property
(08:02):
and the interest on the loan isgoing to accrue and when you
sell it you're going to pay thatlump sum interest off.
That's the same mechanism thata reverse mortgage uses.
This is not a reverse mortgage,don't misunderstand me, but
it's the same mechanism of justpaying the accrual and there's.
So this would be a one yearballoon with no payment mortgage
(08:26):
that you do a refinance withand then over here.
Now we've used that money tohave a down payment on enclosing
costs for our new house.
Now we're probably going to dothis at an $800,000 mortgage
because we're going to use thatmoney for a 20% down payment and
the interest rate on this loanhas to be a little higher.
(08:47):
It's like, well, I'll just getthat with another lender.
No, no, no.
This product works.
The same lender has to do bothof them.
So you pay a little bit higherrate on this loan, which is okay
because we're in a decliningrate environment.
We know what we can do withthat rate in the very near
future.
We can refinance and get alower rate.
So in this house we start with alittle bit higher of a loan, we
(09:10):
start with a little bit higherof an interest rate, but we're
not making two payments.
We're not on both houses here,and so while we have this one
once we sell this one now we'vegot the lump sum from the sale
this loan has to stick aroundfor eight months.
The second loan has to stickaround for eight months and
(09:30):
after that eight-month timeframethen we do a refinance to
market rates.
Eight months from now, ratesare going to be lower than they
are right now.
I don't know how much, butthey're going to be lower.
So we're going to be getting amarket rate, a future market
rate, eight months from now, andwe can use that capital from
the sale to pay down the loan towhatever balance we want.
(09:51):
Or, if you know, again, you talkwith your loan officer, you
come up with a strategy how youwant to use that capital.
You invest it someplace else,do you buy the loan down?
You know whatever you need todo, but the benefits being here,
that you don't.
You're not in this situationwhere you have to both A qualify
for and B be able tofinancially survive making three
(10:14):
or four mortgage payments.
You're using the sale of thehouse to pay for the interest
during the time of it and thenyou're being able to leverage
into that.
Is this the best case for you?
It depends.
It depends on your situation,it depends on your, on what your
goals are.
You know, is this the cheapestoption?
Absolutely not.
(10:34):
The cheapest option is going tobe to sell it in the morning
and buy in the afternoon andlive through that, through the
craziness and chaos and hope youget the best you can.
That's absolutely going to beyour cheapest option because
you're not using somebody else'smoney for a period of time.
But for lots of scenarios andlots of situations especially if
(10:56):
we get really competitive withthe offers and buying again,
where you're coming in with acontingency offer and you keep
getting declined because thecontingency offer keeps getting,
you know, turned down thismight be a solution for you.
Speaker 1 (11:09):
Yeah, no, I love that and I love the way that you
really explained it in such agreat way.
You know, for anyone that'slistening to this, this will
also be.
You know, it'll be on myYouTube channel, also called
Come to Find out.
So if you want to see him, um,his visualizations with his
hands he's a hand talker justlike me Um, but I love that, uh,
(11:31):
that you explained it with.
You know, I'm always trying tolike, okay, over here, we've got
this, and then we're going togo over here and we've got this.
So I love that you explained itthat way, Thank you.
Speaker 2 (11:41):
Yes, and it's a neat product.
And there's that one, there'sanother one that does something
very similar, that gives you athree month window to be able to
sell your property.
There's a couple more of thesetypes of products that are
coming out, and when you seeproducts expanding and
(12:01):
developing, it's because there'sa need.
You know, it's because there'ssomebody needs this product.
And so the non-qualifiedmortgage.
You know, arena is coming upwith solutions, you know, and
this is their answer to thatsolution of how do I buy without
the chaos of trying to sell?
(12:23):
Or how do I buy when all of myoffers with the sales
contingency keep gettingdeclined?
Or how do I buy without sellingand then renting for you know
who knows how long?
you know, and paying for two,two moves.
I mean that that's the otherway.
You could do this again.
I'm not suggesting this butsell your house, create all that
capital, move out, movesomewhere else temporarily until
(12:47):
you can buy a new house andthen pay for another move into
that house.
You know that's the otheroption.
You know it's a possibility.
Is it the easiest and cheapest?
Probably not, you know.
Is it the absolute safest?
Probably, because you have allyour numbers up front.
But you know this is that'svery difficult for people.
I know when I had two youngkids and animals, that would not
(13:09):
be my choice.
To move out, sell, you know,find a place to rent for a short
period of time and then gothrough all of that.
That would not be my option.
Speaker 1 (13:18):
No, I completely agree.
I, ironically, I hate moving, Ihate the packing, I hate the
unpacking, I hate the packing, Ihate the unpacking, I hate the
whole process.
It is like my least favoritething to do.
And with having, you know, fourteenagers and two dogs like
theirs, there's absolutely noway that that would be the
option that I would choose.
But I love that you did.
(13:40):
You know, talk about that andyou know, for anyone that's
listening if you haven'tlistened to any of the previous
episodes of anything that I'vedone talking about this,
whenever you are talking about acontingency, you obviously want
to have as few contingencies aspossible and all that means is
just a contingency is there is astipulation that has to be met
(14:06):
before you can actually close onsomething.
So you know, when he says thatcontingency, that just means
that you're like contingent onbuying that home but you have to
sell your house.
You know, first to do,especially being in a seller's
(14:31):
market, is you can list yourhouse with the contingency of
you need to find a home.
So then, whenever someone, whena buyer comes in and it's all
transparent, but they come inand they're like, yep, we're
totally fine with waiting, butagain, you're kind of waiting
and you're playing the waitinggame and you don't know when
you're actually going to close,when you're actually going to be
able to move.
So again all the stars have toalign for everyone to be okay
(14:55):
with it.
And then you've got a situationlike I'm in right now with.
I've got a client that's incontract to purchase something
We've already had to push backclosing.
That seller is in a contingentcontract to purchase something
We've already had to push backclosing.
That seller is in a contingentcontract to purchase her next
home.
So they're waiting on us andthose people are contingent on
purchasing their next home.
(15:15):
So there's like a three dominothing that I'm only in charge of
one part of it but I know thatthere's all these other pieces
and parts.
So it can get very, very stickywhen it comes to that.
And a lot of times you knowthere aren't people that are
able to do that.
(15:35):
So it's nice that you know thatyou I know you've mentioned in
previous episodes that you do adiscovery call.
So I love that.
During the discovery call you'regoing to find out all their
wants, needs and financialsituation and all of that and
then you're going to help kindof create what makes the most
financial sense for them, whichI love because that's what I try
(15:58):
and do for people too is likehow do we make sure that this
makes financial sense for you?
So I love that you have kind oflike broken that down.
Do you think that with the, youknow, with us going into the
busier market down in Florida,do you think you're going to see
a lot more of these like bridgestyle loans, like do you write
a ton of these types of things?
Speaker 2 (16:20):
So I did.
We did three of them just bangbang, bang bang right at the
beginning of this summer sellingseason.
You know, when we got into that, you know end of the school
year, right there at the youknow that early June timeframe,
that, and they all fit thiscategory of like.
You know they wanted to moveright away.
(16:42):
They, you know they knew theycould sell, but they wanted this
house.
This is what we need.
You know we need to move onthis very quickly and you know
this is so.
Yes, I think that, as you know,as things kind of progress, I
think we are going to see someof these, and some of it is
awareness.
You know you can walk into abank and talk to a bank loan
(17:04):
officer and I'm talking aboutthe big banks.
You know you go walk intowhatever name brand you want to
say you know, is the loanofficer going to be able to do
this for you?
Are they even going to be awareof it?
Probably not.
They're probably going to belike, oh no, those are just
crazy things those brokers doout there that you know we can't
do here and you know they'renot safe.
You can't, you know.
(17:24):
I know I used to work for oneof those big banks that's what
we told people all the timewhere, behind the scenes, we
were jealous, like how are theydoing this?
We want to be able to do thesecool things.
So you know it does exist.
You just have to find somebodywho is a professional that
researches their market.
But the other thing that youcan do is you can kind of do
(17:48):
this as a contingency.
You know, if, if you're not theold way, we did these.
Well, when I, when I wasexplaining, we had to do the
line of credit before you listedthe property for sale, you know
we kind of had to be I don'tknow if deceptive is the right
word, but we weren't necessarilyyou know full disclosure with
the lender.
That was that we were doing theline of credit with of.
You know of that.
And so you know it's like, okay, this is.
(18:09):
You know we're operating, youknow, within the guidelines, but
we're circumventing them to getan end result.
Now we're getting products thatare specifically designed for
this process, and so you couldsay, okay, well, listen, I've
got my bridge loan pre-approvedand set up, I've got my property
(18:34):
listed for sale, or I've got myproperty, you know, ready to
list for sale, you know I'llmake my offer and maybe make the
offer with the contingency andthen if they come back and say
no, we don't want thecontingency, you know you speak
with your real estate agent andmake sure that you know, let's
say I was like hey, she canwhisper in the ear of the
(18:57):
listing agent and say, hey, wecan take this contingency off if
you really need us to.
We want to put it on there tobegin with, but we can remove it
very easily.
We are, we have a plan B inplace.
So maybe using it as a stack ofthis is plan A.
But if the seller doesn't wantthat and if the seller's in the
(19:17):
need of the money right away andthey're willing to give you a
better deal, if you can signright here, right now, without a
contingency, great, we'll takethat better deal.
And then you take the bridgeloan so that you're the one that
has the flexibility.
So you know you always want tokind of just discuss those you
know and discuss with thelisting side what their goals
are, what your goals are, and ifyou've got this already worked
(19:40):
out as a contingency, as a planB, you know, I think that's
where we're going to see it is.
You know I'm meeting with aclient tonight that this is what
we're going to propose.
You know the listing agent hasalready spoken with them about
listing their property.
The listing agent is also goingto help them with the purchase
of their property.
And this is you know, and I'mgoing to meet with them and
(20:03):
we're going to say this is anoption, you know.
So they can go looking, evenstarting this weekend, knowing
that the sooner they pick it,that if they go under contract,
the more likely we are to do thebridge loan process.
But as they get further and getmore organized and you know
maybe they don't need it, youknow, maybe they find a scenario
where it's not necessaryFantastic, that's good for
(20:26):
everyone, because the reality is, no matter what we do, we're
probably going to be refinancingyou in a year anyway.
That's a whole otherconversation.
But anything you do right now,any closing you do right now,
absolutely do it because you'regoing to get a better price on
the house right now than you area year from now, and then I can
get you a lower rate a yearfrom now.
So it doesn't really matterwhat type of loan you get into
(20:46):
right now.
You're probably going to berefinancing it in the relatively
near future anyway.
Speaker 1 (20:51):
Yes, well, and I love that, and I love that you
brought up that point, becausethat was going to be.
My next question is if someonegoes down this path of talking
to you and you know you have thediscovery call and you're like,
yep, we can make this happenand make this happen Unless they
, you know, kind of pull thetrigger on that and and say, yes
(21:12):
, we want to do it.
It's not actually, they're notactually going to have to pay
for it unless they have to useit.
So at least they would havethat in their toolbox and know,
hey, I can do this if I need to,and I love your example of you
know, let's make an offer andlet's make it contingent on
selling your house and if, forwhatever reason you know, let's
(21:32):
say, we get into multiple offersor whatever, then you know,
cool, you know what.
We can actually take that offand we've got another way.
It may still work out to whereyou don't even have to use that
bridge loan because you're goingto list your house and you may
end up selling it before or likeright after.
I mean, there's so manydifferent things that come into
play.
Absolutely, yeah, so I lovethat you kind of brought that up
(21:55):
.
Speaker 2 (21:56):
Yeah, and let me reiterate here from that
conversation, or from that piecethe loan on your existing home,
the pulling out of that money,the pulling out of that equity,
does not happen until three daysbefore the closing of your new
(22:17):
purchase home.
You know, we don't do that loan.
We set it up, we pre-qualify it, we pre-approve it, you know
those types of steps.
But the actual closing date forthat refinance is tied to, and
the reason it's three daysbefore is because there's always
a three-day right of rescissionwhen you do a cash out
refinance and we have to forthose funds to be released.
(22:39):
So we close three days prior sothat those funds are available
three days later on your closingprior, so that those funds are
available three days later onyour closing.
So you could, you know, ifyou've got a long closing date,
even with a you know, a bridgeloan, this bridge loan procedure
in place, you could still tryto sell your house beforehand
and still try to sell it, youknow, that morning, in the sense
(23:00):
of you know, closing themorning of the purchase and then
and then skip out of the bridgeloan process and just go back
to a more conventional, you know, transfer of proceeds on the
day of closing.
You know you absolutely havethat flexibility, but this is
about having options and this isabout understanding of you know
what do you have to do to makeyour offer the most attractive.
(23:23):
You know, and, as you wereexplaining, the less
contingencies on your offer, themore attractive your offer is,
to the point that maybe you geta better price.
Maybe you, you know, don't getinto negotiation for higher
price If there's five offers andall of them have contingencies.
Again, most of the loans rightnow are primaries.
(23:45):
You know people are buyingtheir primary houses, so a lot
of people that are buying havecontingencies and if all five
offers have contingencies andyou're the one and only offer
that can take that away, youmight get the best price.
Speaker 1 (23:59):
Yeah, exactly.
Well, and what I've done beforeis in a competitive situation
is I've submitted an offer and Isaid that we were contingent on
selling the house with thelisting agent.
(24:20):
I've done this from the listingagent side and also from the
buy side.
But there's language that wecan put in there that, hey,
we're in contract and you canlist it as contingent escape,
and so what that means isthere's verbiage written in
there that protects everybody.
But there's verbiage written inthere that if the seller can
(24:43):
continue to have showings, theseller can continue to accept
offers even though you'realready in contract.
They can continue to get those.
If they get something that isbetter than the offer that you
have with no home salecontingency, they can come back
to you and you have 48 hours toremove that contingency and meet
(25:04):
or beat that offer to stay incontract.
Now it's a lot of moving partsand there's a lot of what-ifs
and there's a lot of gambling inthat, but there is always that.
So if you knew you had in yourtoolbox that you could pull out
and do this bridge loan, then itis going to give less risk for
(25:28):
the buyer to say, sure, that'sfine, go ahead and continue to
take offers, and then I've got48 hours, and so what's going to
happen is, you know, if Ihaven't already sold my house,
I'm going to, you know, I'mgoing to give Nathan a call and
I'm going to tell him hey, I'mgoing to need to go ahead and do
(25:50):
this, and then you just removethat.
You still have all the optionsof selling your house.
You may get a cash offer andsomeone's like I can buy it in
seven days, cool.
So then they buy it.
Then you already have the money.
You don't even have to use thebridge loan.
So there's so many differentoptions and creative ways to do
this.
So I love that.
You, you know, you kind ofbrought that up that you know,
even though you have thisdiscussion, even though you've,
(26:10):
you know, done all of thepaperwork short of doing the
final signature paperwork, youstill can quote, unquote, like,
back out of it without being,you know, penalized.
Speaker 2 (26:22):
And, but you gotta be working with a good loan
officer.
You really do.
You know penalized and, but yougot to be working with a good
loan officer.
You really do.
You know because you're talkingabout changing programs,
changing plans.
You know somebody who's whoseoffice has the bandwidth to you
know again, not just be ordertakers.
You know, if you're a loanofficer, ask if you want fries
with that.
When you finish telling themwhat you want, go find another
(26:43):
loan officer.
You know someone who canexplain and go into extreme
detail, because you've reallygot to be working with a good
lending partner.
You know an advisor, someonewho you can trust, someone who
you can work with, who can makeyou know these types of things,
because you are, in a sense, themore options you have, the more
complicated things get.
In a sense, the more optionsyou have, the more complicated
things get.
Speaker 1 (27:04):
That's always the case.
Speaker 2 (27:05):
You know, the easiest clients I work with are the
ones that they have one loanoption.
This is it.
This is the only thing I can dofor you.
There are no other options.
Take it or leave it.
You know I don't like those.
You know situations.
I hate presenting that to aclient, but those are the
(27:26):
easiest ones to work with,because it's either this or
nothing.
When we're talking about this,we're talking about putting in
layers to the onion, and soyou've got to be able to be
flexible with this.
But it gives you again.
It's all about making youroffer more attractive so that
you get the house that you wantat a better price, and if you
and if we can also make iteasier in the steps.
(27:48):
You know, because if all ofthat happens and you sell, then
you still have the chaos oftrying to do this all in one day
.
You know that by itself isenough for some people to want
to do it this way.
You know of just having a littlebit of overlap.
You know like, hey, I want toown both houses for a month just
so I can go in and paint and dothis in my new house before I
(28:09):
move into it, and then I can sayyou know that in itself is a
value.
You know that in itself isworth something.
But again, speak with your loanofficer.
Make sure your loan officer andyour real estate agent are
working together as a team, youknow, and they can make things
like this happen for you.
Speaker 1 (28:26):
Yeah, I love that and that is so true.
You know, I always tell peopleif you're asking a question and
you're feeling like you're notgetting the answer and you've
maybe asked it multipledifferent ways and you're still
not getting your questionsanswered it might be time to
interview another lender, andthat's okay.
You know, it might be time tointerview another lender, and
(28:47):
that's okay.
It's okay to shop around.
Just like I may not beeverybody's cup of tea as a
realtor, that's fine.
Please shop around, because Iwant you to feel comfortable and
I only want to work with peoplethat want to work with me, that
trust me and trust what I'mtelling them, and it should be
the same with your lender.
So yeah, I love it.
(29:07):
Well, nathan, thank you so muchfor joining us today.
Again, I know you have a verybusy schedule, so I love that.
You did such a great job atexplaining bridge loans,
explaining that there are all ofthese options and making sure
that people are well-educated,so thank you.
Speaker 2 (29:26):
My pleasure.
It's always a pleasure to joinyou, to help you and your
clients.
We enjoy it and appreciate itvery much.
Thank you so much.
Speaker 1 (29:33):
Yeah, absolutely, and , as always, I will have all of
Nathan's information in the shownotes.
So definitely make sure you gothere, follow his socials, but
also make sure that you're kindof reaching out and asking all
of the questions.
There is never a fee for adiscovery call for either of us,
(29:54):
so feel free to reach out toeither of us.
But thank you for listeningthis week and thanks for joining
us on Come to Find Out.
Please make sure that you areleaving a review, because
feedback is the greatest giftthat you can give me.
Also, make sure that you'resharing this, because that is
the greatest compliment that youcan give Nathan and myself, and
also make sure you're followingthe show so you never miss an
(30:15):
episode.
Thanks so much and we'll seeyou next time on come to find
out.
Hi and welcome to this week's episode of Come to
Find Out.
This week, we are with NathanLindley with Gold Star Mortgage,
and if you've been listening atall, you know that he's
recorded a few other episodeswith me, so it's been so nice of
him to take so much time out ofhis busy schedule to help
(00:23):
educate us.
But Nathan and his team arelocated in Florida to take so
much time out of his busyschedule to help educate us, but
Nathan and his team are locatedin Florida.
As you all know that I amlicensed here in Ohio and in
Florida, so I really wanted tomake sure that I'm getting some
good information out there forpeople that are looking to buy
or sell in the Florida market,as well as getting information
from Nathan so that you canunderstand that if you're
working with market, as well asyou know, getting information
(00:44):
from Nathan so that you canunderstand that if you're
working with him, he is very,very knowledgeable and he's
going to take really good careof you.
So, nathan, thank you, yeah,thank you, yeah, absolutely so,
today I really wanted to talkabout bridge loans and you know,
I feel like I feel like a lotof people you know hear that
(01:05):
word bridge or recast, or somepeople call it the blanket loan,
whatever you want to call it.
But I think that with ratescoming down, more buyers getting
back into the market, which isgoing to incentivize more people
that were already going to haveto sell.
Now they're like oh gosh, now'sthe time.
(01:26):
But they're trying to figureout does it make sense for me to
buy and then sell, or do I needto sell first and then buy?
Should I do a contingent on ahome sale, end the contract,
things like that?
So all of those things become,you know, less options as the
market continues to get, youknow, crazier.
(01:47):
So I would love for you to justkind of explain, you know
bridge loan and how you feelthat that you know helps people
to be more competitive and youknow, and just kind of give us
some insight.
Speaker 2 (02:01):
So absolutely and let's start at a real high level
.
And you know, define a bridgeloan.
So a bridge loan is takingequity in your existing
residence and somehow using itto purchase your next home, your
(02:25):
next home.
And the reason you would dothat?
There's a couple reasons youwould do that.
The benefits of doing thisprocess of somehow getting your
equity and transferring it tothe purchase of your new home
without selling first, is numberone.
It allows you to purchasewithout a sales contingency and
on the realty side, that'sgolden for both buyers and
sellers.
It makes it much easier to sellthe property to somebody who
(02:47):
doesn't have and accept an offerthat doesn't have a you know a
contingency on another sale, sothat you don't end up with
stacked transactions.
It also can affect what you canexpect to get from the sale of
your home.
You know, if you're under thegun of like well, I'm under
contract to buy this house in 45days and I just listed mine,
(03:09):
you pretty much have to takewhatever offer you get in the
first five to 10 days.
You know, like you don't havetime to mess around, you better
be just taking that first offerthat you get and you maybe you
know, maybe it's difficult tostage your house.
I mean, if you've got threekids, five pets and have been a
hoarder for the past six years,maybe your house doesn't show as
well.
You know, maybe your housewould show a lot better if you
(03:32):
move out, and you know so.
Those are the reasons toconsider something like this.
You know, those are the two bigreasons is, you know, better
negotiating power because youdon't have a sales contingency,
and better listing power becauseyou're not under a time crunch
gun of I've got to take thefirst offer that comes and
(03:53):
potentially, you know, able tosell for more.
Again, talk to your real estateprofessional or will help you
with that of.
You know whether or not thatmakes sense and what those
numbers might look like.
But so that's what we'retalking about here.
Is, okay, how can I take?
You know I own this house andlet's make up some big numbers
here.
Nice, easy numbers.
Remember, we've got a housethat's worth 500 and we owe 250
(04:16):
on it.
Okay, and I want to buy a housefor a million and I want to,
you know, have a $500,000 loanbecause that's how much equity I
have there.
So make that happen for me.
Great, well, the first step,the way that we've done this for
a long time is we would startwith your house and we would do
(04:38):
a line of credit.
Okay, now this is kind of trickybecause people that do lines of
credit don't really like to dolines of credit for houses that
are going to be sold.
So we try to do that before theproperty is listed for sale.
There are other options.
Now I actually have a companythat does a line of credit that
doesn't care if the property islisted for sale.
(04:58):
But you know we do that line ofcredit and we get X amount of
equity out of that.
So you know, if it's 500,000,we'll lend you against four.
You know 400.
Of that you owe 250.
So you're walking away with$150,000 of equity.
We use that for the downpayment and closing costs on the
(05:19):
new home.
And then one of the tricks thatI do with my clients is then
I'll put in another secondmortgage and then we'll do a
$500,000 first mortgage.
So you end up with the firstmortgage that you want, a second
mortgage on your new home thatwill get paid off when you sell
the existing home, and a secondmortgage on your existing home
(05:42):
and a first mortgage.
You got four mortgages.
You better have some income tobe able to qualify for those
four mortgages.
So over the past 10 years, thathas been the normal way of
doing a bridge loan.
You better be flush with cashto be able to handle those
payments.
Again, we work in somestrategies of owning and paying
(06:05):
for mortgages.
Yes, you have freedom andflexibility in how fast you sell
the property, but you don'twant to be carrying four
mortgages for that long either,so you want to make sure that
you're staging things and havingit ready to go pretty quickly.
Okay.
So that's where we've been overthe past five, six, seven years
(06:26):
of how we do bridge loans.
It lowers the stress in thesense of you're not trying to
buy and sell on the same day.
It moves over there, butthere's a carrying cost for
owning two properties for theperiod of time and there's the
stress of being able to handlethose payments.
And there's the stress of beingable to handle those payments.
Great.
Now, in the past 18 months, twoor three products are coming
(06:51):
online that change this a littlebit.
We still go to the first house.
We still do.
Now what we're going to do iswe're going to do a cash out
refinance.
Okay, we're going to pay offthe existing loan and we're
going to take 70, 75% of thevalue of that property.
We're going to pay off the oldloan and we're going to get that
(07:13):
lump of cash.
We're going to move that moneyover, use it for the down
payment and closing costs of thenew loan or the new purchase
property.
Okay, that all sounds the same,but here's what's cool with
these new products.
With this new product, thatloan that you just took out on
your primary residence has nopayment.
The interest accrues from theday you close, which is three
(07:41):
days before your closing of yournew property, until you sell it
.
And you have a year to sell it.
Okay, so you can go.
You know again, you want tohave it listed and be ready to
sell it quickly, stage or assoon as you move out all those
things.
But there's no paymentassociated with that property
(08:02):
and the interest on the loan isgoing to accrue and when you
sell it you're going to pay thatlump sum interest off.
That's the same mechanism thata reverse mortgage uses.
This is not a reverse mortgage,don't misunderstand me, but
it's the same mechanism of justpaying the accrual and there's.
So this would be a one yearballoon with no payment mortgage
(08:26):
that you do a refinance withand then over here.
Now we've used that money tohave a down payment on enclosing
costs for our new house.
Now we're probably going to dothis at an $800,000 mortgage
because we're going to use thatmoney for a 20% down payment and
the interest rate on this loanhas to be a little higher.
(08:47):
It's like, well, I'll just getthat with another lender.
No, no, no.
This product works.
The same lender has to do bothof them.
So you pay a little bit higherrate on this loan, which is okay
because we're in a decliningrate environment.
We know what we can do withthat rate in the very near
future.
We can refinance and get alower rate.
So in this house we start with alittle bit higher of a loan, we
(09:10):
start with a little bit higherof an interest rate, but we're
not making two payments.
We're not on both houses here,and so while we have this one
once we sell this one now we'vegot the lump sum from the sale
this loan has to stick aroundfor eight months.
The second loan has to stickaround for eight months and
(09:30):
after that eight-month timeframethen we do a refinance to
market rates.
Eight months from now, ratesare going to be lower than they
are right now.
I don't know how much, butthey're going to be lower.
So we're going to be getting amarket rate, a future market
rate, eight months from now, andwe can use that capital from
the sale to pay down the loan towhatever balance we want.
(09:51):
Or, if you know, again, you talkwith your loan officer, you
come up with a strategy how youwant to use that capital.
You invest it someplace else,do you buy the loan down?
You know whatever you need todo, but the benefits being here,
that you don't.
You're not in this situationwhere you have to both A qualify
for and B be able tofinancially survive making three
(10:14):
or four mortgage payments.
You're using the sale of thehouse to pay for the interest
during the time of it and thenyou're being able to leverage
into that.
Is this the best case for you?
It depends.
It depends on your situation,it depends on your, on what your
goals are.
You know, is this the cheapestoption?
Absolutely not.
(10:34):
The cheapest option is going tobe to sell it in the morning
and buy in the afternoon andlive through that, through the
craziness and chaos and hope youget the best you can.
That's absolutely going to beyour cheapest option because
you're not using somebody else'smoney for a period of time.
But for lots of scenarios andlots of situations especially if
(10:56):
we get really competitive withthe offers and buying again,
where you're coming in with acontingency offer and you keep
getting declined because thecontingency offer keeps getting,
you know, turned down thismight be a solution for you.
Speaker 1 (11:09):
Yeah, no, I love that and I love the way that you
really explained it in such agreat way.
You know, for anyone that'slistening to this, this will
also be.
You know, it'll be on myYouTube channel, also called
Come to Find out.
So if you want to see him, um,his visualizations with his
hands he's a hand talker justlike me Um, but I love that, uh,
(11:31):
that you explained it with.
You know, I'm always trying tolike, okay, over here, we've got
this, and then we're going togo over here and we've got this.
So I love that you explained itthat way, Thank you.
Speaker 2 (11:41):
Yes, and it's a neat product.
And there's that one, there'sanother one that does something
very similar, that gives you athree month window to be able to
sell your property.
There's a couple more of thesetypes of products that are
coming out, and when you seeproducts expanding and
(12:01):
developing, it's because there'sa need.
You know, it's because there'ssomebody needs this product.
And so the non-qualifiedmortgage.
You know, arena is coming upwith solutions, you know, and
this is their answer to thatsolution of how do I buy without
the chaos of trying to sell?
(12:23):
Or how do I buy when all of myoffers with the sales
contingency keep gettingdeclined?
Or how do I buy without sellingand then renting for you know
who knows how long?
you know, and paying for two,two moves.
I mean that that's the otherway.
You could do this again.
I'm not suggesting this butsell your house, create all that
capital, move out, movesomewhere else temporarily until
(12:47):
you can buy a new house andthen pay for another move into
that house.
You know that's the otheroption.
You know it's a possibility.
Is it the easiest and cheapest?
Probably not, you know.
Is it the absolute safest?
Probably, because you have allyour numbers up front.
But you know this is that'svery difficult for people.
I know when I had two youngkids and animals, that would not
(13:09):
be my choice.
To move out, sell, you know,find a place to rent for a short
period of time and then gothrough all of that.
That would not be my option.
Speaker 1 (13:18):
No, I completely agree.
I, ironically, I hate moving, Ihate the packing, I hate the
unpacking, I hate the packing, Ihate the unpacking, I hate the
whole process.
It is like my least favoritething to do.
And with having, you know, fourteenagers and two dogs like
theirs, there's absolutely noway that that would be the
option that I would choose.
But I love that you did.
(13:40):
You know, talk about that andyou know, for anyone that's
listening if you haven'tlistened to any of the previous
episodes of anything that I'vedone talking about this,
whenever you are talking about acontingency, you obviously want
to have as few contingencies aspossible and all that means is
just a contingency is there is astipulation that has to be met
(14:06):
before you can actually close onsomething.
So you know, when he says thatcontingency, that just means
that you're like contingent onbuying that home but you have to
sell your house.
You know, first to do,especially being in a seller's
(14:31):
market, is you can list yourhouse with the contingency of
you need to find a home.
So then, whenever someone, whena buyer comes in and it's all
transparent, but they come inand they're like, yep, we're
totally fine with waiting, butagain, you're kind of waiting
and you're playing the waitinggame and you don't know when
you're actually going to close,when you're actually going to be
able to move.
So again all the stars have toalign for everyone to be okay
(14:55):
with it.
And then you've got a situationlike I'm in right now with.
I've got a client that's incontract to purchase something
We've already had to push backclosing.
That seller is in a contingentcontract to purchase something
We've already had to push backclosing.
That seller is in a contingentcontract to purchase her next
home.
So they're waiting on us andthose people are contingent on
purchasing their next home.
(15:15):
So there's like a three dominothing that I'm only in charge of
one part of it but I know thatthere's all these other pieces
and parts.
So it can get very, very stickywhen it comes to that.
And a lot of times you knowthere aren't people that are
able to do that.
(15:35):
So it's nice that you know thatyou I know you've mentioned in
previous episodes that you do adiscovery call.
So I love that.
During the discovery call you'regoing to find out all their
wants, needs and financialsituation and all of that and
then you're going to help kindof create what makes the most
financial sense for them, whichI love because that's what I try
(15:58):
and do for people too is likehow do we make sure that this
makes financial sense for you?
So I love that you have kind oflike broken that down.
Do you think that with the, youknow, with us going into the
busier market down in Florida,do you think you're going to see
a lot more of these like bridgestyle loans, like do you write
a ton of these types of things?
Speaker 2 (16:20):
So I did.
We did three of them just bangbang, bang bang right at the
beginning of this summer sellingseason.
You know, when we got into that, you know end of the school
year, right there at the youknow that early June timeframe,
that, and they all fit thiscategory of like.
You know they wanted to moveright away.
(16:42):
They, you know they knew theycould sell, but they wanted this
house.
This is what we need.
You know we need to move onthis very quickly and you know
this is so.
Yes, I think that, as you know,as things kind of progress, I
think we are going to see someof these, and some of it is
awareness.
You know you can walk into abank and talk to a bank loan
(17:04):
officer and I'm talking aboutthe big banks.
You know you go walk intowhatever name brand you want to
say you know, is the loanofficer going to be able to do
this for you?
Are they even going to be awareof it?
Probably not.
They're probably going to belike, oh no, those are just
crazy things those brokers doout there that you know we can't
do here and you know they'renot safe.
You can't, you know.
(17:24):
I know I used to work for oneof those big banks that's what
we told people all the timewhere, behind the scenes, we
were jealous, like how are theydoing this?
We want to be able to do thesecool things.
So you know it does exist.
You just have to find somebodywho is a professional that
researches their market.
But the other thing that youcan do is you can kind of do
(17:48):
this as a contingency.
You know, if, if you're not theold way, we did these.
Well, when I, when I wasexplaining, we had to do the
line of credit before you listedthe property for sale, you know
we kind of had to be I don'tknow if deceptive is the right
word, but we weren't necessarilyyou know full disclosure with
the lender.
That was that we were doing theline of credit with of.
You know of that.
And so you know it's like, okay, this is.
(18:09):
You know we're operating, youknow, within the guidelines, but
we're circumventing them to getan end result.
Now we're getting products thatare specifically designed for
this process, and so you couldsay, okay, well, listen, I've
got my bridge loan pre-approvedand set up, I've got my property
(18:34):
listed for sale, or I've got myproperty, you know, ready to
list for sale, you know I'llmake my offer and maybe make the
offer with the contingency andthen if they come back and say
no, we don't want thecontingency, you know you speak
with your real estate agent andmake sure that you know, let's
say I was like hey, she canwhisper in the ear of the
(18:57):
listing agent and say, hey, wecan take this contingency off if
you really need us to.
We want to put it on there tobegin with, but we can remove it
very easily.
We are, we have a plan B inplace.
So maybe using it as a stack ofthis is plan A.
But if the seller doesn't wantthat and if the seller's in the
(19:17):
need of the money right away andthey're willing to give you a
better deal, if you can signright here, right now, without a
contingency, great, we'll takethat better deal.
And then you take the bridgeloan so that you're the one that
has the flexibility.
So you know you always want tokind of just discuss those you
know and discuss with thelisting side what their goals
are, what your goals are, and ifyou've got this already worked
(19:40):
out as a contingency, as a planB, you know, I think that's
where we're going to see it is.
You know I'm meeting with aclient tonight that this is what
we're going to propose.
You know the listing agent hasalready spoken with them about
listing their property.
The listing agent is also goingto help them with the purchase
of their property.
And this is you know, and I'mgoing to meet with them and
(20:03):
we're going to say this is anoption, you know.
So they can go looking, evenstarting this weekend, knowing
that the sooner they pick it,that if they go under contract,
the more likely we are to do thebridge loan process.
But as they get further and getmore organized and you know
maybe they don't need it, youknow, maybe they find a scenario
where it's not necessaryFantastic, that's good for
(20:26):
everyone, because the reality is, no matter what we do, we're
probably going to be refinancingyou in a year anyway.
That's a whole otherconversation.
But anything you do right now,any closing you do right now,
absolutely do it because you'regoing to get a better price on
the house right now than you area year from now, and then I can
get you a lower rate a yearfrom now.
So it doesn't really matterwhat type of loan you get into
(20:46):
right now.
You're probably going to berefinancing it in the relatively
near future anyway.
Speaker 1 (20:51):
Yes, well, and I love that, and I love that you
brought up that point, becausethat was going to be.
My next question is if someonegoes down this path of talking
to you and you know you have thediscovery call and you're like,
yep, we can make this happenand make this happen Unless they
, you know, kind of pull thetrigger on that and and say, yes
(21:12):
, we want to do it.
It's not actually, they're notactually going to have to pay
for it unless they have to useit.
So at least they would havethat in their toolbox and know,
hey, I can do this if I need to,and I love your example of you
know, let's make an offer andlet's make it contingent on
selling your house and if, forwhatever reason you know, let's
(21:32):
say, we get into multiple offersor whatever, then you know,
cool, you know what.
We can actually take that offand we've got another way.
It may still work out to whereyou don't even have to use that
bridge loan because you're goingto list your house and you may
end up selling it before or likeright after.
I mean, there's so manydifferent things that come into
play.
Absolutely, yeah, so I lovethat you kind of brought that up
(21:55):
.
Speaker 2 (21:56):
Yeah, and let me reiterate here from that
conversation, or from that piecethe loan on your existing home,
the pulling out of that money,the pulling out of that equity,
does not happen until three daysbefore the closing of your new
(22:17):
purchase home.
You know, we don't do that loan.
We set it up, we pre-qualify it, we pre-approve it, you know
those types of steps.
But the actual closing date forthat refinance is tied to, and
the reason it's three daysbefore is because there's always
a three-day right of rescissionwhen you do a cash out
refinance and we have to forthose funds to be released.
(22:39):
So we close three days prior sothat those funds are available
three days later on your closingprior, so that those funds are
available three days later onyour closing.
So you could, you know, ifyou've got a long closing date,
even with a you know, a bridgeloan, this bridge loan procedure
in place, you could still tryto sell your house beforehand
and still try to sell it, youknow, that morning, in the sense
(23:00):
of you know, closing themorning of the purchase and then
and then skip out of the bridgeloan process and just go back
to a more conventional, you know, transfer of proceeds on the
day of closing.
You know you absolutely havethat flexibility, but this is
about having options and this isabout understanding of you know
what do you have to do to makeyour offer the most attractive.
(23:23):
You know, and, as you wereexplaining, the less
contingencies on your offer, themore attractive your offer is,
to the point that maybe you geta better price.
Maybe you, you know, don't getinto negotiation for higher
price If there's five offers andall of them have contingencies.
Again, most of the loans rightnow are primaries.
(23:45):
You know people are buyingtheir primary houses, so a lot
of people that are buying havecontingencies and if all five
offers have contingencies andyou're the one and only offer
that can take that away, youmight get the best price.
Speaker 1 (23:59):
Yeah, exactly.
Well, and what I've done beforeis in a competitive situation
is I've submitted an offer and Isaid that we were contingent on
selling the house with thelisting agent.
(24:20):
I've done this from the listingagent side and also from the
buy side.
But there's language that wecan put in there that, hey,
we're in contract and you canlist it as contingent escape,
and so what that means isthere's verbiage written in
there that protects everybody.
But there's verbiage written inthere that if the seller can
(24:43):
continue to have showings, theseller can continue to accept
offers even though you'realready in contract.
They can continue to get those.
If they get something that isbetter than the offer that you
have with no home salecontingency, they can come back
to you and you have 48 hours toremove that contingency and meet
(25:04):
or beat that offer to stay incontract.
Now it's a lot of moving partsand there's a lot of what-ifs
and there's a lot of gambling inthat, but there is always that.
So if you knew you had in yourtoolbox that you could pull out
and do this bridge loan, then itis going to give less risk for
(25:28):
the buyer to say, sure, that'sfine, go ahead and continue to
take offers, and then I've got48 hours, and so what's going to
happen is, you know, if Ihaven't already sold my house,
I'm going to, you know, I'mgoing to give Nathan a call and
I'm going to tell him hey, I'mgoing to need to go ahead and do
(25:50):
this, and then you just removethat.
You still have all the optionsof selling your house.
You may get a cash offer andsomeone's like I can buy it in
seven days, cool.
So then they buy it.
Then you already have the money.
You don't even have to use thebridge loan.
So there's so many differentoptions and creative ways to do
this.
So I love that.
You, you know, you kind ofbrought that up that you know,
even though you have thisdiscussion, even though you've,
(26:10):
you know, done all of thepaperwork short of doing the
final signature paperwork, youstill can quote, unquote, like,
back out of it without being,you know, penalized.
Speaker 2 (26:22):
And, but you gotta be working with a good loan
officer.
You really do.
You know penalized and, but yougot to be working with a good
loan officer.
You really do.
You know because you're talkingabout changing programs,
changing plans.
You know somebody who's whoseoffice has the bandwidth to you
know again, not just be ordertakers.
You know, if you're a loanofficer, ask if you want fries
with that.
When you finish telling themwhat you want, go find another
(26:43):
loan officer.
You know someone who canexplain and go into extreme
detail, because you've reallygot to be working with a good
lending partner.
You know an advisor, someonewho you can trust, someone who
you can work with, who can makeyou know these types of things,
because you are, in a sense, themore options you have, the more
complicated things get.
In a sense, the more optionsyou have, the more complicated
things get.
Speaker 1 (27:04):
That's always the case.
Speaker 2 (27:05):
You know, the easiest clients I work with are the
ones that they have one loanoption.
This is it.
This is the only thing I can dofor you.
There are no other options.
Take it or leave it.
You know I don't like those.
You know situations.
I hate presenting that to aclient, but those are the
(27:26):
easiest ones to work with,because it's either this or
nothing.
When we're talking about this,we're talking about putting in
layers to the onion, and soyou've got to be able to be
flexible with this.
But it gives you again.
It's all about making youroffer more attractive so that
you get the house that you wantat a better price, and if you
and if we can also make iteasier in the steps.
(27:48):
You know, because if all ofthat happens and you sell, then
you still have the chaos oftrying to do this all in one day
.
You know that by itself isenough for some people to want
to do it this way.
You know of just having a littlebit of overlap.
You know like, hey, I want toown both houses for a month just
so I can go in and paint and dothis in my new house before I
(28:09):
move into it, and then I can sayyou know that in itself is a
value.
You know that in itself isworth something.
But again, speak with your loanofficer.
Make sure your loan officer andyour real estate agent are
working together as a team, youknow, and they can make things
like this happen for you.
Speaker 1 (28:26):
Yeah, I love that and that is so true.
You know, I always tell peopleif you're asking a question and
you're feeling like you're notgetting the answer and you've
maybe asked it multipledifferent ways and you're still
not getting your questionsanswered it might be time to
interview another lender, andthat's okay.
You know, it might be time tointerview another lender, and
(28:47):
that's okay.
It's okay to shop around.
Just like I may not beeverybody's cup of tea as a
realtor, that's fine.
Please shop around, because Iwant you to feel comfortable and
I only want to work with peoplethat want to work with me, that
trust me and trust what I'mtelling them, and it should be
the same with your lender.
So yeah, I love it.
(29:07):
Well, nathan, thank you so muchfor joining us today.
Again, I know you have a verybusy schedule, so I love that.
You did such a great job atexplaining bridge loans,
explaining that there are all ofthese options and making sure
that people are well-educated,so thank you.
Speaker 2 (29:26):
My pleasure.
It's always a pleasure to joinyou, to help you and your
clients.
We enjoy it and appreciate itvery much.
Thank you so much.
Speaker 1 (29:33):
Yeah, absolutely, and , as always, I will have all of
Nathan's information in the shownotes.
So definitely make sure you gothere, follow his socials, but
also make sure that you're kindof reaching out and asking all
of the questions.
There is never a fee for adiscovery call for either of us,
(29:54):
so feel free to reach out toeither of us.
But thank you for listeningthis week and thanks for joining
us on Come to Find Out.
Please make sure that you areleaving a review, because
feedback is the greatest giftthat you can give me.
Also, make sure that you'resharing this, because that is
the greatest compliment that youcan give Nathan and myself, and
also make sure you're followingthe show so you never miss an
(30:15):
episode.
Thanks so much and we'll seeyou next time on come to find
out.
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