What is a Bridge Loan?
A bridge loan is a short-term loan secured by your property. It is used for both residential and commercial real estate financing. For example, if you are moving out of your old house and trying to purchase a new one but don’t have the immediate cash, a bridge loan is perfect for you! A bridge loan will give you a chance to purchase your new home before your current one sells, providing you with the opportunity to buy your dream home when the opportunity presents itself.