Bridge Loans
Bridge loans are a type of short term loan. They are also referred to as swing loans. In general, bridge loans are taken out for a maximum of 3 years awaiting long-term or larger financing. The loan's purpose is only to cover the interim period until the more permanent financing can be arranged. Once the new financing is obtained, the money will be used to pay back the bridge loan. Bridge loans have a higher interest rate than conventional loans. It is not uncommon for lenders to require cross-collateralization in addition to designating a low loan-to-value ratio in order to lower their risk. ...
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