Need to buy your new home before selling your current one? Bridge financing helps you bridge the gap between closing dates so you don't miss out on your dream home.
A bridge loan is a short-term financing solution that "bridges" the gap when you need to close on a new property before receiving the proceeds from selling your current home.
Typically 1 day to 6 months, designed to cover the gap between transactions.
Uses the equity in your current home as collateral for the loan.
Fast approval and funding so you can close on your new home on time.
Customized solutions based on your specific closing date timeline.
We analyze your closing dates and determine bridge loan requirements.
Gather sale agreement and purchase documents for both properties.
Fast-track approval process to meet your closing deadlines.
Funds released on time so you can close on your new home.
Bridge loans typically have higher interest rates than traditional mortgages (often prime + 2-4%). You'll also pay an administration fee and legal fees. However, since the loan is short-term, the total cost is usually manageable.
This is why lenders require a "firm" sale agreement (no conditions). If the sale falls through due to buyer default, you may need to find alternative financing or potentially sell the new property.
Traditional bridge financing requires a firm sale. However, if you have significant equity, we can explore private lending options that don't require a sale in place.
With all documentation in place, bridge financing can often be arranged within a few days. Bank bridge loans are typically arranged alongside your new mortgage.
Get a free consultation to understand your bridge financing options.
Pick a time that works best for you
