Have heard of a bridge loan but you’re what they are? Are they loans to build a bridge? Well, maybe, but not in the sense we are going to talk about.
A bridge loan works nicely if you need the proceeds from the sale of your current home to purchase a new home. In essence, the bridge loan gives you an advance of the proceeds from the sale of your home to purchase the new home. It is a temporary loan to help you purchase a new property without selling your current property. You typically need a lot of equity in your current home for the loan to work.
The bridge loan lends on both your current home and the home you are purchasing, so it is a cross-collateral loan (meaning it is secured by both properties). Once you sell your current home, the bridge loan is paid off by the proceeds of the sale.
If you are interested in a bridge loan, contact us and we can help you.
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