Illinois-based independent mortgage banker Celebrity Home Loans has partnered with Fortuna Finance to offer bridge financing to consumers transitioning from one home to another.
The bridge loan allows consumers to extract equity from their current residence before they close on a sale. They can then use the funds to purchase a new primary residence. Both the bridge loan and the new purchase loan will be originated by the same Celebrity loan originator.
Fortuna President Eric Meadow said the move allows homeowners to avoid the stress of self-funding their bridge loan needs.
“We’ve found homeowners value the opportunity to tap their equity to fund their portion of the new home loan purchase and equally desire an efficient way to do it,” he said.
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