A bridge loan can help. The affordability of bridge loans – which are typically offered for no more than 90 days, and only when a firm, condition-waived sale agreement is in place for the borrower’s existing property – is another factor behind their popularity, according to Luke Wile,
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Pros of a Bridge Loan. A bridge loan can make it possible for you to break into a competitive real estate market or make a move quickly, without having to rent while you wait for your home sale to go through. If lack of a down payment is keeping you from buying a new home, a bridge loan can provide you with needed funds.
Calculating Bridge Loans. To calculate a bridge loan, you need to know how much money is required as a down payment on the new property as well as the outstanding balance of the current mortgage. You also need to know the fees and points the lender will charge.
The calculated "bridge loan amount" is the amount you need to close the deal on the 2nd home, given your current cash available and the purchase price. You are always free to borrow more. In that case, use the loan calculator on this site to create the schedule for what you want to borrow.
Unlike SBA 7a loans or CDC / SBA 504 loans, which require the majority of the property be used for your business to operate out of, commercial mortgage bridge loans can be used for non-owner occupied property. That means bridge loans can be used on commercial investment properties and income producing properties.
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But if you do need one, be aware that a home could go unsold for six months, or longer, so negotiate terms that allow for an extension to the bridge loan if necessary. If you think a bridge loan is right for you, try to work out a deal with a single lender that provides both your bridge loan and long-term mortgage.
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