Bridge Financing Mortgages
At Hunt Mortgage Group we our financing professional are equipped to advise clients seeking bridge-financing mortgages. Also referred to as a “caveat loan” or “swing loan,” bridge loans are primarily used for the purpose of “bridging” the gap between when a company’s loan ends, but before more funding is needed. A bridge loan is considered a short-term loan, as it typically lasts 2 weeks to 3 years, or until companies can find a long-term option. Borrowers need to have a form of collateral to receive a bridge loan such as a place of residence or inventory from a business. In essence, Bridge loans help ease the transition from one home to another, thereby offering homeowners a temporary financial solution when buying and selling a property. The bridge loan is secured to the buyer’s existing home. The funds from the bridge loan are then used as a down payment for the move-up home.
While bridge loans tend to be more expensive than your typical loan, these types of loans offer homeowners great advantages. One benefit is that homeowners can immediately place their home on the market and buy without restrictions. Also, not all bridge loans require a monthly payment for the first few months. In addition, bridge loans can also be used for multi-family or commercial properties when the buyer requires funds to complete the sale of the property, as well as prepare it to meet the required standards of a long-term loan
Hunt Mortgage Group Offers Bridge Financing Mortgages
As an industry leader backed by 40 years of experience including bridge financing, Hunt Mortgage Group can advise our clients’ financial needs. Our financial experts can determine and best advise a sufficient bridge loan amount by first assessing the purchase price of each new property, then subtracting the value of the mortgage and the initial deposit. The remaining amount is the sum that will require bridge loan financing until a sale is complete.
In order to best serve our clients, we have offices in cities nationwide including: Dallas, Texas; Arcadia, California; Miami, Florida; Atlanta, Georgia; New York, New York; Las Vegas, Nevada; and Hollywood, Florida. For more information regarding bridge-financing mortgages, contact an advisor at Hunt Mortgage Group in your area today!
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This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. All information such as interest rates, taxes, insurance, etc. are estimates and should be used for comparison only. HMG does not guarantee any of the information obtained by this calculator. Please contact your HMG originator or servicer for more details.