A bridge loan is a short-term loan, typically taken out for a period of 2 weeks to 3 years depending on the arrangement of permanent longer-term mortgage financing.
Bridge financing is typically more expensive with higher interest rates and higher fees than other commercial financing products, to compensate for its quick and short-term availability.
Bridge loans are often used for commercial real estate purchases to quickly close on a property, acquire real estate from foreclosure, or take advantage of a short-term opportunity in order to secure long-term financing. Bridge loans on a property are typically paid back when the property is sold, refinanced with a traditional lender, or the property is improved or completed to allow permanent mortgage financing.
Rates and terms can change without notice. All transactions are subject to underwriting and written approval.