LOANS

TYPES OF LOANS

Bridging Finance

With a bridging loan, your lender will loan you the money to cover the gap between settlement on your old home sale and new home purchase. In effect, the lender agrees to take on both mortgages. Bridging finance typically covers a period from a few days to a few months.

To qualify for bridging finance, borrowers must demonstrate that they can pay their existing mortgage as well as interest costs on the new loan. Lenders generally apply strict criteria to bridging finance before giving approval. Conditions can include the unconditional sale of a borrower’s existing property and restrictions on proposed settlement terms and may vary from borrower to borrower.

To best determine the right kind of loan for your needs, complete our Express Loan Application and one of our Loans Insurance Loans Consultants will assist you.