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Contract Clauses Table of Contents October 1, 2021Financing Contingencies A) Assumption of Loan B) Blanket Mortgage Loan C) Bridge Loan D) Collateral Pledge E) Land Contract) G) H) I)Mortgage Revenue

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What is is a bridge loan?

A bridge loan is a short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing property.

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Anyone who is in need of temporary financing for a real estate transaction may apply for a bridge loan.

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To apply for a bridge loan, an individual must provide details about the current property, the new property, income, and credit history.

What is the purpose of is a bridge loan?

The purpose of a bridge loan is to provide temporary financing to facilitate the purchase of a new property before the sale of an existing property.

What information must be reported on is a bridge loan?

Information such as the amount of the loan, interest rate, terms, and repayment schedule must be reported on a bridge loan.

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