Bridge Loans

Institutional and private bridge loans are available for purchase and sale transactions.

A bridge loan is made for a short term, to “bridge” (or cover) the time gap between completing the purchase of one property or the sale of another property. A bridge loan is required when the scheduled purchase date of a home is before the scheduled sale date of the home.

The bridge loan covers the amount of down payment & closing costs that are needed on the day of the purchase transaction. Three conditions are needed for a bridge loan:

– A firm sale
– A firm purchase agreement
– A mortgage product (secured lines of credit included) on the subject property. ***No institutional will provide a standalone bridge loan.