BRIDGING LOANS FOR PERSONAL USE
Up until the property is sold, you can take out a short-term loan called a “bridging loan” in addition to your existing mortgage. During the sale phase, it is a very quick and simple way to obtain your equity. If you need to “bridge the gap” between buying your new home and selling your old one, bridging loans may be the perfect option. Finance Bloom can assist you if you need a bridging loan. Contact our helpful team right away for a cost-free quote with no obligation.
A bridging loan can provide a cash flow injection for personal use when:
- Your bank can’t deliver based on circumstance or time
- You don’t have financials in order but have equity in your home or another real estate
- You need short term bridging funds to:
- Renovate or prepare your property prior to the sale
- Complete a small land subdivision or duplex intended for sale
- Get a deposit for a new property (investment or principal place of residence)
- Help with moving, living, legal or medical costs
- Pay a personal bill or debt that can’t wait until the property is sold