Defining a Bridge LoanA Bridge loans is a short-term loan that is intended to bridge the gap until a borrower can realize a "cash friendly" situation and can pay off their short term bridge loan. Bridge loans are typically taken out for anywhere from a few weeks to several years and often carry high loan rates. A bridge loan may be used to purchase real estate, pay off commercial project debt, for commercial operating expenses or to retrieve real estate from foreclosure.
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Bridge loans typically carry high interest rates and up front points than bank loans. They are made through a private lender who can supply the loan very quickly, thereby satisfying the borrowers primary need -- cash now. Because of this, as well as the riskier loan scenario, private bridge loan lenders are justified in charging higher loan rates and points. Terms of a bridge loan can vary widely. They may be structured to completely pay off a project's existing debt, while others pile the new debt on top of the old.
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