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Bridge Loans – What, When and Why?

Our Opes Advisors branch offers “Bridge Loans.” Bridge loans are temporary financing against a property that a borrower will likely sell. In other words, if a buyer wants to buy a new home before selling his departing residence or existing home, he can get temporary financing against his departing residence to help finance his new home.

Bridge loans require strong credit, income and equity positions, and they are costlier than other types of refinances (they cannot be done at “no cost”). Hence, they are not for everyone.

Bridge loans are, however, essential for all qualified borrowers who need to tap into equity in a departing residence in a hurry b/c they are unable to or do not want to sell their departing residence quickly.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646