A simple solution to bridge the gap between the home you have and the home you want.
Compass Bridge Loan Services provides access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your bridge loan payments fronted when you sell your home with Luxury Living Fort Lauderdale.
Bridge Loan, Defined
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
Our Solution
After months of research, Compass has selected lenders that are offering competitive rates and dedicated service for Compass clients. Already working with a lender you love? No problem. This unique solution lets you choose the provider that works best for you.
Bridge Loan Advance
Work with Luxury Living Fort Lauderdale to sell your current home and get up to six months of your bridge loan payments and other associated costs fronted — an exclusive offering for Compass clients, regardless of the lender you use.*
When Does A Bridge Loan Make Sense?
Is your money tied up in the equity of your current home?
Our goal is for Concierge to help as many clients as possible. The program is intentionally flexible; we’ve developed Concierge to be used with most vendors for your convenience.
Do you need to move within a specific timeframe?
Our goal is for Concierge to help as many clients as possible. The program is intentionally flexible; we’ve developed Concierge to be used with most vendors for your convenience.
Does your home require renovations or other work?
Whether you’re using Compass Concierge to increase your home’s value, or are making improvements on your own, it may be easier to have construction work done when you’re out of the house. A bridge loan can help you move faster so you’re out of the house while those improvements are being completed.
How Compass Bridge Loans Work
Inquire directly with a bridge loan lender, such as Better.com or Freedom Mortgage, to see financing options and if you qualify.
Apply to get pre-approved for a bridge loan with the lender of your choice, while searching with your Compass agent for your next home.
If approved for a bridge loan, learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable, an independent lender.
If needed, use your approved bridge loan to strengthen your bid on a new home.
Move into your new home while your Compass agent works to sell your current home. TIP: Use Compass Concierge home improvement services to sell your home faster and for more money.
When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance.
Finding A Lender
While you are encouraged to find the best lender for them, Freedom Mortgage and Better.com areindustry-leading lenders who offer short-term financing and are a part of Compass Bridge Loan Services.
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844-875-1234
bridgeloans@better.com
Available to serve clients in all statesexcept MA, VA, VT, and NH. More states coming soon.
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855-915-8500
bridgeloans@freedommortgage.com
Available to serve customers in all states.
Common Questions, Answered
What rates and fees accompany a bridge loan?
The rates and fees for each bridge loan are determined by the lender. We recommend reaching out to a bridge loan lender directly to learn more. As a reminder, the bridge loan itself can be from any lender of your choice. If you are approved for the Bridge Loan Advance, it has a 0% APR for the life of the loan and has no additional application or closing fees.*
What is covered by the Bridge Loan Advance?
The Bridge Loan Advance can equal up to 6 months of monthly payments and eligible closing costs incurred from the bridge loan.* Eligible closing costs include: (1) the dollar value of any points paid upfront, (2) origination or application fees where applicable; and (3) appraisal fees.
Who is eligible for the Bridge Loan Advance?
The Bridge Loan Advance is available exclusively for qualified clients with a traditional bridge loan who are working with a Compass agent to sell their existing primary residence.*
*The Bridge Loan Advance for Compass clients is a loan provided by Notable Finance, LLC, NMLS# 1824748 and is available to all eligible Compass clients working with the Bridge Loan lender of their choice. Notable’s phone number for applicants only: 833-615-0249. Loan eligibility is not guaranteed and all loans are subject to credit approval and underwriting by Notable. Loans made or arranged pursuant to a California Finance Lenders Law license. Compass is not a lender and is not providing loans as part of Compass Bridge Loan Services.
Information regarding lenders which offer short-term Bridge Loan financing is provided for informational purposes only and does not constitute an endorsement of the particular lenders referenced. Compass cannot guarantee that these institutions will be able to assist and does not assume any responsibility as to the performance of services to be provided by these institutions. There are no requirements that you participate in the Compass Bridge Loan Services or obtain a loan from these providers to participate in any other Compass programs (such as Compass Concierge). Speak to your Bridge Loan lender about all the costs you may be responsible for in connection with your Bridge Loan.
