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What is a Bridge Loan?

Lets bridge the gap

A Bridge Loan can also be known as Interim Financing . A bridge loan is typically used when the sale of the buyer's current home closes after the purchase of their new home, typically for a 90-day period. Most lenders require the buyer to have a fully signed purchase contract for the sale of their home before they will register a bridge loan for the new home. A bridge loan is considered a second loan and each lender will adjust for risk according to their regulations and investors along with options for interest accrual or interest only payments.