Bridge Loans

A bridge loan is a short-term loan used to bridge the gap between the sale of an existing property and the purchase of a new one. It provides temporary financing until the borrower secures permanent financing or sells the current property. Here’s a detailed look at how bridge loans work and their key features:

How a Bridge Loan Works

Short-Term Financing: Bridge loans are typically short-term, lasting from a few months up to a year.
Secured by Property: These loans are usually secured by the borrower’s current home or the new property they are purchasing.
Immediate Cash Flow: They provide immediate funds to help cover the down payment and closing costs on a new home before the current home is sold.
Repayment: The loan is repaid when the current home is sold or when long-term financing is secured.

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