A non-traditional HELOC for someone who has their home listed for sale.


The Bridge Line of Credit is a great fit for anyone needing to use funds from their existing home to purchase another.
 
  • Variable rate line of credit
  • Draw on the line up to 12 months
  • Due and payable at the end of the 12-month period or when the home is sold—whichever is first 
  • Competitive interest rate tied to the Prime interest rate
  • 1% Origination Fee (Minimum $500)
  • No termination fee or prepayment penalty

 

 

Bridge Line of Credit

Our Bridge Line of Credit gives you access to funds from your existing home to purchase another. With a variable rate and a 12 month draw you can find the right home to fit your needs. For additional information, email us at lending@bangor.com, or call 1.877.Bangor1 (1.877.226.4671).

APR: Standard Rate APR: Relationship Rate Line Amount Maximum Loan to Value
5.75% 4.75% $10,000 to $1,000,000 80%

Early Termination fee does not apply. An applicable origination fee of 1% of the approved loan amount will be charged (Minimum $500). If determined to be required, valuation of property and/or title insurance may be obtained. Costs may range between $500 to $1,000. Maximum loan to value is 80 percent of appraised value, including any other existing liens. Loan amounts between $10,000 and $1,000,000. One-year draw period then due and payable. Available for owner-occupied 1 to 4 family residential properties and second homes. Hazard Insurance is required. The maximum annual percentage rate that may be imposed is 18.000%. The variable rate is tied to the highest domestic Prime Rate published in the “Money Rates” section of The Wall Street Journal, plus or minus a margin. All loans are subject to credit approval by Bangor Savings Bank. Bangor Savings Bank deposit account and auto-pay required to obtain relationship rate. Interest rates and annual percentage rates are subject to change without notice and are accurate as of November 5, 2019.