4.6 • 682 Ratings
🗓️ 19 June 2025
⏱️ 8 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.7 | Hi, I'm calling because in October of last year, my husband and I made the dumb, |
0:12.6 | dumb, dumb decision of taking out a bridge loan to purchase a property. |
0:18.8 | And it was with the idea that we would sell our previous property and pay off |
0:25.5 | the loan, restructure the loan, and everything would be great. But we haven't been able to sell |
0:31.6 | our old property and the loan is due on June 1st. Interest has accrued, like nobody's business. |
0:38.4 | Oh, man. |
0:39.3 | What was the interest rate? |
0:40.4 | And then what was the amount? |
0:42.2 | So the total, they combined both properties, came out to 1.437 at 10.99. |
0:50.6 | So we're looking at 13. |
0:52.0 | 10.99? |
0:53.2 | Yeah. |
0:53.9 | So apparently bridge loans, they explained to us, are always high interest like this. |
0:59.4 | They're anywhere between 8 and 12. |
1:02.7 | Man. |
1:03.4 | They even explained it to you and you guys said, sign us up. |
1:06.4 | Let's do it. |
1:07.2 | Well, that's how confident we were that we could sell our old house. Why isn't it |
1:12.3 | selling? That's the million dollar question. We've knocked it, you know, the price down a couple |
1:19.2 | times now. We are technically under contract, but our buyers cannot seem to lock in a buyer |
1:25.5 | themselves. And when they keep telling us, the market is just |
... |
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