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Bridge Loan

Bridge Loan

A bridge loan is a short-term loan, usually a second mortgage, run for 6 month but may be taken taken out for a period of 2 weeks to 3 years. The borrower's current home (which is usually "for sale") is used as collateral. The bridge loan is used to close on the new home before the current home is sold.

Uses for bridge loans include providing down payment for real estate purchases or retrieving real estate from foreclosure. Also known as a swing loan.

Also: A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion.

Interim loans are used to bridge the gap between the construction loan and the permanent loan (hence bridge loans) lasting form one to three years.

New Home Construction

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