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Bridge loan A bridge loan is also called as a swing loan. It is kind of short term loan in the financial industry. These loans are procured for a period ranging from two weeks to three years for financing projects. They are often used for commercial real estate purchases. They are offered to close a property or to retrieve a property from foreclosure and for taking advantage of the short-term financing opportunity for securing long term financing. The major asset of a bridge loan is speed. A bridge loan is somewhat similar to hard money loan. The major difference between the two kinds of loans is the hard money can refer to a troubled property or situation. A bridge loan is a higher interest loan that offers interim financing for an entity, be it a business or individual till the issue of the next stage of financing. A bridge loan might provide additional funding during the permit phase. More terms explained |
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