My mortgage was declined. What are my options?

If the property has equity, a private money bridge loan closes on the property alone. MyBridge Loans lends up to 65% loan-to-value with no minimum FICO, no income documentation, and no seasoning, then the borrower refinances into a bank loan once the issue that caused the decline is fixed.

I am a loan officer with a declined file. What happens to my borrower and my commission?

You stay the point of contact and you are paid on the file. MyBridge Loans funds directly through its own investors, so there is one broker fee in the deal. We do not market to your client, and we protect every broker partner.

What kinds of declines can a bridge loan fix?

Low credit score, recent lates or derogatories, self-employed with income that does not document, DTI too high, a property that does not qualify, no seasoning on ownership or on funds, a closing date the bank cannot meet, foreign national with no U.S. credit, or an entity borrower.

Mortgage declined? A bridge loan closes on the property alone.

When a bank, credit union, or conventional lender declines a file, MyBridge Loans funds it as a private money bridge loan underwritten on the property and the exit, not the borrower's profile. Up to 65% loan-to-value. No minimum FICO, no income documentation, no seasoning. Same-day answer on any scenario. Typical funding in two weeks. Loan officers stay on the file and get paid.

Declines we fund

Credit score below the lender's floor, recent lates, collections, or a past foreclosure or bankruptcy.
Self-employed with income that does not document, or debt-to-income too high.
The property does not qualify: condition, mixed use, non-warrantable condo, unusual property type.
No seasoning on ownership, on the down payment, or on a recent title transfer.
The closing date the bank cannot meet. Contract deadline in two weeks, bank needs six.
Foreign national, ITIN borrower, or borrowing in an LLC or trust.
Probate, an estate, or an inherited property.

How the bridge works

We fund the purchase or refinance now, interest-only, on a 3-year note with no prepayment penalty after 3 to 6 months. The borrower fixes what caused the decline, then refinances into a bank loan at a lower rate. The bridge is the cost of closing on time or closing at all. A few borrowers keep the loan longer because it is simpler than the bank.

For loan officers and brokers

Send the scenario the way you got it. We reply the same day with a yes, no, or what is missing. You stay the point of contact with your borrower, you are paid on the file, and we do not market to your client. We protect every broker partner. Because we fund through our own investors, there is one broker fee in the deal, not two. Most files that reach us have already been through one decline; you do not need to clean it up first.

Terms

1st trust deeds 9.5% to 10.99% and up; 2nd trust deeds 11.99% to 12.99% and up. Interest-only payments. Usually 1.5 to 2 lender points plus broker, 3-year note, 3 to 6 month prepayment penalty. Loans from $100,000 to $4,000,000 and up. Underwriting $1,995, no processing fee, third-party appraisal, title, escrow and credit at cost. Exceptions available.

Funded examples

City and state only, no borrower information.

Fullerton, CA. $370,000 1st trust deed refinance on an industrial condo, 511 FICO, 31% LTV, 12-month note.
Pleasanton, CA. $150,000 1st trust deed on a single-family residence, 591 FICO, 11% LTV, 10.875%, 18-month note.
Koloa, HI. $4,500,000 1st trust deed on a single-family residence, 664 credit, 55.46% LTV.
Coto de Caza, CA. $198,900 2nd trust deed on a condo, 665 FICO, 65% CLTV, 12-month note.
Newport Beach, CA. $700,000 1st trust deed refinance, 14% LTV, 9.5%, 4-month note, closed on a short fuse.
Huntington Beach, CA. $500,000 1st trust deed purchase, 36% LTV, 9.5%, 3-month note, closed on a short fuse.

How to get a quote

Send the address, value, amount owed, loan amount, FICO, occupancy, lien position, use of funds, exit, and the reason for the decline to the scenario form, or call 949-463-9898. You get a yes, no, or what's missing the same day.