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What Is a Bridge Loan?

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Bridge Loan Lenders. Not all banks, mortgage companies and finance companies provide bridge loans. Borrowers often have to search for specialized lenders who offer these short-term loans. Checking with your local bank is a good starting point, although you can also search online to find and.

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Closed bridge loans and open bridge loans A closed bridge loan is repayable on a predetermined date. The borrower is sure that funds will be available within a specific timeframe from some other source and that the loan can be repaid. An open bridge loan, on the other hand, is not repayable on a definite date.

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A bridge loan is intended to "bridge the gap" until you can secure more permanent long-term financing. Also known as swing loans or interim or gap financing, these loans are short-term loans with maturities generally up to one year and are usually secured by some sort of collateral .

A bridge loan simplifies the process and can get you into the new home directly. You can make a stronger offer: An alternative to using a bridge loan is making a contingent offer on a new house. This means that your offer to buy is contingent upon you selling your current home.

A Univest swing loan, also known as a bridge loan, helps homeowners keep their purchase plans on track. Available for PA, NJ DE & OH residents.

What is BRIDGE LOAN? What does BRIDGE LOAN mean? BRIDGE LOAN meaning, definition & explanation Bridge loans are short-term debts secured by collateral, usually the real estate being financed. When you get this loan, you will be able to meet your current obligation with the immediate cash flow granted by the lender.

In our example, the bridge loan is going to cost the Borrower $22,200 ($8,000 origination fee plus 6 monthly payments of $2,366). At the end of the 6-month term, the investor has sold their property, the lien is released, and the $500,000 in proceeds are used to pay the $400,000 principal balance on the bridge loan.

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