The TN Real Estate Market has gotten very competitive lately. And clients are looking for ways to buy a home, move and then sell their current home. One way to do that is a Bridge Loan. A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. These loans are not free, but might be right for some clients. Here are some reasons to get a Bridge Loan.
5 REASONS TO GET A BRIDGE LOAN
- BUYING AT AUCTION: If you are buying your next home at auction, a bridge loan can provide the funds you need to beat the other to the punch without having to come up with the cash.
- INVESTORS: If you are an investor or a developer, a bridge loan can provide the funds for flipping property.
- RENOVATIONS: Funds for renovating a home can come from a bridge loan when you expect a quick sale after the renovations.
- RELOCATING: If you are relocating from one city to another because of work or another reason, a bridge loan can help you get the down payment you need if you’re short on cash.
- NEW CONSTRUCTION: Buying a new construction home may require funding for its creation before securing a traditional mortgage; a bridge loan can he that in between funding needed.
If you have any questions or concerns about which loan is right for you, call our office at 615-757-3627 or call me directly at 615-945-6611. You can also email me through my contact form. I can’t wait to speak get you into the perfect loan specifically for your needs!