Bridge Loans

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Bridge Loans are short-term financing used in real estate transactions when a buyer lacks the money to finance the purchase of the new property without the prior sale of the first property or for an investor-borrower whom wants to buy finance the property short-term while he rehabs the property for a "Fix and Flip."  Bridge Loans are often at a higher interest rate than Conventional Loans but normally close quicker and don't have as many qualification requirements.

• Faster financing: The application process and closing on a bridge loan may take less time than other types of loans.
• Purchasing flexibility: Getting approved for a bridge loan allows buyers to close on a new property before the current property sells. 
• Remove contingencies from your offer: Sellers may look more favorably on purchase offers that aren’t contingent upon the sale of another home.
• Less housing hassle: As mentioned previously, a bridge loan can help with the purchase of a new house before selling an existing property.