Bridge Your Financing

Bridge loans are short-term loans used to bridge the gap between the purchase of a new property and the sale of an existing property. They provide immediate funds to cover the down payment or closing costs, allowing borrowers to secure the new property while waiting for the sale of their current property.

Bridge loans are available to individuals who are looking to purchase a new property before selling their current property. Eligibility criteria may vary depending on the lender, but generally, borrowers need to have a solid credit history, sufficient income to cover the loan payments, and a plan to repay the loan within the specified term.

Bridge loans are typically short-term loans, with terms ranging from a few months to a year. The duration of the loan will depend on various factors, including the borrower's financial situation, the expected timeline for selling the current property, and the lender's terms and conditions.

Interest rates for bridge loans can vary depending on the lender, the borrower's creditworthiness, and the loan amount. Generally, bridge loans have higher interest rates compared to traditional mortgage loans, as they are considered higher risk due to the short-term nature and the potential for simultaneous ownership of two properties.

Bridge loans can be used for various types of properties, including residential homes, commercial properties, and investment properties. However, eligibility criteria and loan terms may vary depending on the lender and the specific property type.