A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years. A construction loan would then be obtained to take out the bridge loan and fund completion of the project. A consumer is purchasing a new .
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. A commonly accepted definition of a bridge loan is a short-term loan against a borrower’s current property used to purchase a new property, at which point the original property is sold to pay off the bridge loan. The bridge loan "bridges the gap" between the existing property and the new property.
A bridge loan is also superior to a permanent loan because it gives a commercial real estate sponsor time to execute a transitional business plan with assurance that the plan is fully capitalized. With a bridge loan, a reliable lender has from the start committed capital for future leasing costs and planned capital improvements.
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How Do Bridge Loans Work? A bridge loan can be used to pay off the loan(s) on your existing property; So you can buy a new property without selling your.