Bridge Loans
Bridge loans are short-term personal loans most commonly used in real estate transactions. Residential bridge loans are used to meet immediate cash flow needs until a person or company secures permanent financing or has available cash, such as when a homeowner purchases a new home but has yet to sell their old home. Work with Core Bank today to get the bridge loan you need!
Should You Get a Bridge Loan?
Core Bank’s team of knowledgeable professionals is passionate about helping our customers understand the pros and cons of bridge loans and explain our bridge loan rates. We can even provide a bridge loan calculator to fully walk you through your financing options.
How Does a Bridge Loan Work?
A bridge loan is a short-term loan designed to provide financing during a transitionary period, such as the time between the sale of an old home and the purchase of a new one. Residential bridge loans provide extra time and peace of mind for homeowners in a bind. They’re particularly useful in a “seller’s market” when several buyers may be bidding on the same home for sale.
Bridge loans come in a number of different varieties, but most of these temporary loans give the homeowner two options: hold two loans, or roll both mortgages into one. Because these loans typically last less than one year, bridge loan interest rates tend to be higher than those for other credit facilities.
Contact Core Bank
If you want to learn more about your bridge loan options and the bridge loan rates offered by Core Bank, let us know! We’d love to help you decide which is right for you!
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