If you need money to close your construction loan or close the purchase of a new home,
use the equity in the home you own now to complete your cash requirement for building
your new home.
A Bridge Loan is simply a short term loan that provides financing for something you need to do now, like purchase a new home before your old home is sold. A Bridge Loan can be as simple as a Credit Line on your hold home, or an Equity Loan from a private investor.
The way this is done is to take a Bridge Loan out on your present home. It is a temporary loan secured by the equity in the home you own now. After your new home is completed, you can sell your old home and pay back the Bridge Loan at that time.
This way you don’t have to use your cash to get the construction loan done or you won’t lose the home you want to buy because you don’t have the funds to close. Use these 100% Construction/Bridge Loans to have the cash you need to make building or purchasing possible.
Please call me with the particular figures pertaining to your old and new homes, and I will do the numbers for you to see how it works.