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  • Michael Shapot, Esq.

We've Got A Bridge To Lend You

Can you imagine any of the following scenarios?

1. An empty nest couple wants to trade the family house in the suburbs for a chic condo in The City. But they need the proceeds from the sale to complete the purchase.

2. A young couple with a newborn is living in a 1 bedroom and in desperate need of more space. Those babies have a ton of stuff! What if their apartment sells before they find another home? It's one thing to be "homeless" and move back in (temporarily, of course) with one's parents either as a single person or a couple. But a family can't survive on their parents' sofa.

3. A vacation home purchaser found THE dream home at the beach, but the listing agent was clear that it is a sizzling hot property, and no bids will be considered seriously if it has a home sale contingency, or a financing contingency.

4. A single parent needs to complete a move in order for a child to start school in a new neighborhood but lacks the liquidity to do so until the present home sells.

5. A home owner wants to remain in the present home while the new home undergoes renovations.

6. A home seller prefers to be deliberate and strategic about selling to avoid leaving money on the table. Rather than automatically selling to the first buyer who expresses interest, it is way better to stage a home (hello -- Compass Concierge!), take one's time, and be in a position to consider multiple offers.

Compass now offers a bridge loan solution that will help in each of these scenarios. A bridge loan is a short-term loan to "bridge" the gap in purchasing a new home while liquidity is tied up in an existing home. A bridge loan can be used as a down payment on the purchase of a new home or to avoid a loan contingency. Through Compass Bridge Loan Services, our clients gain access to unrivaled rates, faster processing and dedicated support from vetted lenders. Furthermore, clients can apply to have up to six months of loan payments (including eligible closing costs) fronted by an independent lender. This means that there will be no out of pocket expenses for six months on approved bridge loans.

How does the program work? Once a client applies and closes on a bridge loan and takes advantage of the no out-of-pocket costs offering, all of the funds will be promptly disbursed. The client will repay the bridge loan and all other sums disbursed when the home sells. Easy peasy!

The program is more fully described at

As a general guideline and like any other loan program, borrowers with low credit ratings, limited income or high levels of debt may find it more challenging to get approval. Compass Bridge Loan Services is about helping clients in a robust financial position move before they sell their existing home, not about extending loans to clients who are unqualified for a loan. It is intended to be an additional tool to help our clients obtain the best price and terms on the sale of a home, more conveniently time their move and minimize stress. By accomplishing each of these things, Compass Bridge Loan Services helps ensure that each sale will be most successful.

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