What is a Bridge Loan?
A bridge loan is a type of short-term loan that is used to "bridge" the gap between the purchase of a property and the securing of long-term financing. This type of loan is typically used when a borrower is unable to obtain traditional financing in a timely manner and needs temporary funding to complete the purchase of a property.
How Does a Bridge Loan Work?
To qualify for a bridge loan, borrowers must have a strong credit history and sufficient income to make the loan payments. The lender will review the borrower's financial information and the details of the property to determine the loan amount and terms.
Benefits of a Bridge Loan
One of the benefits of a bridge loan is that it allows borrowers to complete the purchase of a property while they secure long-term financing. This can be particularly useful for borrowers who are unable to obtain traditional financing quickly, but still want to take advantage of a good investment opportunity.
Get the Short-Term Financing You Need
At Commercial Mortgage Help, we have a team of experienced loan officers who are dedicated to helping borrowers find the right financing solution for their needs. If you are considering the purchase of a property and need short-term financing, we encourage you to contact us to learn more about our bridge loan options.
