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Bridge Financing

 

 

Bridge financing  is a short-term open interim loan to assist with the finance of

your new home, when your current home is sold but will  not complete until a later date.  The equity from your current property may be the down payment for your new purchase.The charge will be  registered on both properties (new purchase and current home).

 

To qualify for bridge financing you will need to provide the lender with a

subject-free  contract for the Sale on your current home and your current mortgage balance.

 

Cost for this short-term loan is usually Prime plus 2 or 3 percent; there may

be additional fees charged for the administration cost of the loan.


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