Mortgage Edge Dan (Tasos) Efstatheu Woodstock / Residential and Commercial
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                        Bridge Funds ​   ​​

Bridge Financing 

 Why Borrowers Require Bridge Funds
Bridge funds are temporary loans that bridge the gap between the amount of money needed to close a purchase and how much will be available from the sale proceeds of an existing property.   If your purchase transaction is closing before your sale closes, then bridge funds will rely on the available equity in your existing home to help you complete the purchase on time.

Bridge funds can go for as little as a few days or, in some cases, up to 6 months depending on the lender. To qualify for bridge funds, you must have a firm sale agreement, meaning there aren't any conditions like financing or a home inspection, still outstanding.

Bridge funds are utilized in competitive real estate markets where purchasers need to entertain an earlier closing date and don't want to worry whether or not their existing home has sold yet. Bridge funds get repaid on the day your sale closes. Your real estate lawyer will re-direct the amount required to pay off the bridge loan in full.

Advantages of a bridge loan:
  • Allows you to close your purchase transaction before your sale closes.
  • Provides comfort in knowing you have the flexibility to decide what day you want your purchase or sale to close.
  • The interest rate may be slightly more (however, keep in mind that the interest is charged on a daily basis, and the loan is short term). 
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​If you have mortgage questions, call today
Contact
 Tasos (Dan) Efstatheu 
License # MO8006633 | Mortgage Edge License #10680 
​Email: dan@mortgageedge.ca
Email: info@firstratemortgages.ca
​​MAIN: (519) 533-7448
Office: (519) 290-2130
​110 Chippewa Cres
Woodstock, ON N4T 1A1
 
Photo used under Creative Commons from benmacaskill
  • Home
  • About Dan
  • About Mortgage Edge
  • Testimonials
  • Apply Now Online
  • Mortgage Services & News
  • Purchase & Purchase Plus Improvements Program
  • Mortgage Financing for Investment Property Or A Second Home
  • First Time Home Buyer Programs
  • Mortgage Refinance
  • Mortgage Renewal
  • Mortgage For Self Employed
  • Brochure / Dan Efstatheu
  • Mortgage Pre-Approval
  • Alternative Financing/Bruised Credit
  • Cash-Back Mortgages
  • Downpayment
  • New to Canada Mortgage Programs
  • Home Equity Line of Credit
  • Bridge Funds
  • What are Debt Service Ratios
  • Apply Now Online
  • Mortgage Switch/Transfer
  • Link For Home Buyers
  • Commercial Mortgage Services