BRIDGE LOANS
What is a Bridge Loan?
Bridge loans, also known as "bridge financing" or "bridge mortgages," are short-term loans designed to provide temporary financing to bridge the gap between the purchase of a new property and the sale of an existing property. These loans offer a flexible solution to borrowers who need immediate funds to facilitate a smooth transition in their real estate transactions.
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Who is eligible for Bridge Loan?
Bridge loans are a type of short-term financing that cater to buyers who find themselves in the transitional phase of selling their current property while simultaneously purchasing a new one. These loans act as a "bridge" to cover the financial gap between the sale of the existing property and the purchase of a new one.
Features
✔Short-Term Loan:Bridge loans have a relatively short duration, typically ranging up to a year or 18 months.
✔Fast Approval and Funding:
Bridge loans are designed to provide quick access to funds, allowing borrowers to move forward with their property purchase while awaiting the sale of their existing property.
✔Interest-Only Payments:
During the bridge loan period, borrowers may only be required to make interest payments. The principal amount is usually repaid in full when the existing property is sold.
