A flexible and expedited financial solution designed to bridge the gap between selling a current property and acquiring a new one. It serves as a short-term loan option to address the interim period when funds from the sale of the existing property are not yet available for the purchase of a new one. Bridge financing offers several advantages:
· Quick Access to Funds: Bridge loans are known for their rapid approval and disbursement, allowing borrowers to act swiftly in competitive real estate markets.
· Temporary Solution: They are intended as a short-term solution, typically with terms ranging from a few months to a year, ensuring borrowers don't carry long-term debt.
· Flexibility: Borrowers can use bridge loans for various purposes, including purchasing a new home, covering down payments, or making necessary repairs or upgrades to the new property.
· Collateral-Based: Bridge loans are typically secured by the borrower's existing property or the property being purchased, making them a viable option for those with substantial equity.
Loan Amounts: Up to $5M
LTV: Up to 70%
Days to Closing: 2-4 weeks