Peoples Bank has a unique portfolio loan known as a Bridge Loan.  We review each bridge loan on a case by case basis. The concept is that we allow a buyer to purchase their next home without their current home being sold.  It is truly a 100% loan.  To make this loan a ‘smart decision’ for both the buyer and our bank, we place a lien on the buyer’s existing home.  There are no payments on the lien we place on the existing home … the payments are all included in the 100% loan on the new home.  (We call this cross collaterizing on two properties, the new home and on the equity of the existing home.)

The interesting news is that this is an interest only loan.  The loan is a 'temporary' loan, allowing you and your family to move forward with the purchase of a new home and get your lives started in your new location
As you know, once you become 'pre approved' with our bridge loan, you can act like a cash buyer, of course, subject to an appraisal.  I have found that many of my customers realize the power of being pre approved and quick closings, and have used the bridge loan as a negotiating tool, to obtain better terms on the new home purchase.
Once you sell your current home, we collect the equity, apply it to the bridge loan balance, and refi to the loan of choice for you, whether that is a 15 year FIXED, a 5 YR ARM mortgage or a 30 Year FIXED mortgage.