BRIDGE LOANWith the extremely competitive and dynamic housing market as it is today, sometimes we’re forced to make decisions without having all answers. Selling your current home and using the proceeds as a down payment on a new property, what do you do if the closing dates don’t fall on the same day? What do you do if you have to buy your new home before you sell the old one? In these cases you need a short-term loan, called bridge financing, to cover the gap between the two transaction dates.
A bridge loan is a short term loan which covers a borrower’s down payment for a short period of time when closing dates between two real estate transactions have not been synchronized.
As and experienced mortgage specialist I will be able to arrange appropriate bridge financing for you. So instead of worrying about lining up your closing dates on the same day and trying for perfection in an imperfect world, use bridge financing as an easy and cost-effective tool when coordinating buying and selling transactions.
There are many different types of bridge loan products available and choosing the best one for you requires experience with short term loans and negotiating ability with banks and lenders. Let me assist you in the bridge financing process.