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What Is a Bridge Loan?

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A bridge loan is a temporary form of financing that can help homeowners buy a new home while in the process of selling their current one. In other words, it can bridge the gap that can occur when you’re transitioning from one mortgage to another without requiring you to sell your current home first and live in temporary housing or make an offer on the new home contingent upon your ability to.

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Bridge loans can ease the transition when buying and selling a home at the same time. Bridge loan guidelines, plus alternatives.

It’s a short-term financing solution that is typically used to fund the purchase of an investment property while waiting for long term financing to close. Investors can use this option for 1-12 month periods. It gets its name because it acts like a bridge between the time a project is found to securing.

A "bridge loan" is basically a short term loan taken out by a borrower against their current property to finance the purchase of a new property. Also known as a swing loan, gap financing, or interim financing, a bridge loan is typically good for a six month period, but can extend up to 12 months.

Bridge loan definition, See under bridge financing. See more.

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In our example, the bridge loan is going to cost the Borrower $22,200 ($8,000 origination fee plus 6 monthly payments of $2,366). At the end of the 6-month term, the investor has sold their property, the lien is released, and the $500,000 in proceeds are used to pay the $400,000 principal balance on the bridge loan.

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Bridge loans typically must be repaid within 12 months or less. Most people pay off their bridge loan with money from the sale of their current home, but there are other repayment options. bridge loans may be structured in a number of different ways but commonly have a balloon payment at the end where the full amount is due by a certain date.

A bridge loan is a form of short-term or interim financing providing a “bridge” between one situation and another. It can be used by an individual or business until permanent or the next stage of.