In many cases homeowners are ready to purchase a new property but need the proceeds from the sale of their existing home in order to satisfy the down payment requirement and/or qualify for additional financing.
A Bridge Loan from Persevere Lending could be the perfect solution. Bridge Loans allow the borrower to utilize the equity in their home before it sells, so that they can have the power and confidence to seek their dream home and not have to sell their current home in a rush.
Interest only loans up to $15,000,000
Single family residences
LTV / Combined LTV up to 75%
11 month term
Close in as little as 5 business days
HUD counseling required (if property
purchased will be primary residence).
Rehab & Construction
Rehab and construction loans are an attractive option for investors who are adding value to the subject property and want to leverage the existing and/or projected equity as opposed to coming out of pocket for the improvements.
Loan amounts are determined by analyzing the current valuation and equity in the property, the scope of work and budget, and the after-repair value (ARV). For purchase and rehab/construction projects, we can finance up to 75% of the acquisition price, and 100% of the construction costs. For refinance, purchase and rehab/construction projects, we will focus on ARV and can finance up to 75%.
Our streamlined underwriting process allows investors to capitalize on lucrative opportunities that otherwise would not available to them through conventional financing sources.
• Loan amounts $50,000 to $5,000,000
• Rates and fees starting at 9.5% and 1.5 points • 12-18 month terms
• Loan to cost (LTC) threshold is 80%
Repeat borrowers with a verified track record may receive preferred pricing. Strategic 2nd position loans and LOCs available.
Line of Credit
A Persevere Lending Line of Credit can give you the flexibility and financing power you need to access capital strategically and efficiently in order capitalize on your investment opportunities.
• $50,000 to $2,500,000
• Min. Draw: 5% of total credit line
• Max. Draw: 20% of total credit line
• Min. Draws per month: 1
• Max. Draws per month: 4
• Business days for draws to be processed: 5
• Draw Fee: $500
Line replenishment is only accepted and credited on the last of the month. Interest is charged on only total amount disbursed as of the 1st of every month.
Exclusively for high-end California & Tennessee properties
• Owner-occupied for Business Purpose
Loan amounts from $1,000,000 to $15,000,000 (higher or lower amounts approved on a case-by-case basis).
Collateral must be located in established suburban and metropolitan locations.
Expedited Closings! Target is 5 to 10 business days. With a complete file, 3 days is possible!