Real Estate Glossary

What is Bridge Loan?

A Bridge Loan is a short-term loan that is used to bridge the gap between the purchase of a new property and the sale of an existing property. This loan is typically secured by the existing property and is used to provide the funds needed to make a down payment on the new property. A bridge loan is typically used when a homeowner needs to move before their existing home is sold and the proceeds from the sale can be used to purchase the new home. The bridge loan is usually paid off with the proceeds from the sale of the existing home.

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