I am looking buy a home that costs $190k. I have $95k that I can put down as a down payment and I am looking to get a loan for the other $95k with a period of 8 to 12 months or until I sell my current home. I own my home outright and also have enough stocks to back the loan, but the buyers don't want a contingency clause. What options do I have to get the remaining funds?
What would your contingency clause be? Your options based on common lending practices are to request a bridge loan. The bridge loan may include principal and interest payments, interest only, or it may be payment free until the maturity, or sale of your current home, whichever comes first. If your home doesn't sell in time, you'd make an interest payment, perhaps a principal reduction and you'd renew the debt for an additional period of three or six months, or some other agreed upon time.
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What would your contingency clause be? Your options based on common lending practices are to request a bridge 