A "bridge loan" also known as a swing loan is basically a short term loan taken out by a borrower against their current property to finance the purchase of a new property.
In real estate, it is a loan primarily for borrowers who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment.
A bridge loan essentially "bridges the gap" between the time the old property is sold and the new property is purchased.
For example, a buyer may not have to go through with the purchase of the new home they are in contract for unless they're able to sell their old home first. This gives the buyer protection in the event no one buys their home, or if nobody is willing to buy the property at the terms they desire.
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- Simplified application process - apply today by fax or in person
- Flexible terms and rates
- Certificates of Deposit may be used as collateral to take advantage of lower interest rates
- No pre-payment penalty
- Credit protection may be available