A bridge loan is a temporary loan with a maturity of 12 months or less connected with the acquisition of a dwelling intended to become the consumer’s principal residence. An example of such loan is a loan to finance the purchase of a new dwelling where the consumer plans to sell a current dwelling within 12 months.
The assumption is that the sale of the current residence will pay off the bridge loan. The current dwelling must be listed for sale, borrower must provide a fully executed purchase agreement, funds must be sent to the title company handling the new acquisition, and the sale proceeds of the current dwelling must be sufficient to pay off the bridge loan.
- 1st Trust Deeds up to 70% Loan to Value
- $100,000 to $3,000,000+
- Purchase, Refinance, Cash Out
- Fixed Rates