Considering a bridge loan is something to do if you need advance proceeds. What does that mean? A bridge loan gives you an advance of the proceeds from the sale of your home in order to purchase a new home.
A bridge loan is temporary. It helps you purchase a new property without selling your current property. Typically a lot of equity in your current home is needed for the loan to work.
A bridge loan lends on both your current home and the home you are purchasing and 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 Counsel Mortgage Group, we can help you.