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.
Pros and Cons of Bridge Loans. Bridge loans are somewhat of a controversy. Financial advisors often strongly discourage their clients to take on a bridge loan and that they should be avoided if at all possible. They come with high lender fees, closing costs, interest rates, origination fees, and lot’s of risks.
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What is a Bridge Loan? How Does it Work? – ValuePenguin – Like their name implies, bridge loans are meant to "bridge the gap" until a borrower can get more permanent financing. Click to read more about how bridge loans work, how to get one and whether one is right for you.
How Do Bridge Loans Work? There are two ways a bridge loan can be structured. The first method is to pay off your old mortgage, and provide additional cash for your new home downpayment.
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Bridge loan – Wikipedia – A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan.
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Bridge loans can help borrowers move from one home to the next, but they can be dangerous. A bridge loan usually runs for six-month terms and is secured by the borrower’s old home.