Bridge Loans & Interim Financing
Short-term financing to bridge the gap when your new home closes before your current home sells.
A bridge loan provides short-term financing when there is a gap between the closing date of your new home purchase and the sale of your existing home. Instead of adding a condition of sale to your offer (which can weaken it in competitive markets), bridge financing allows you to purchase first and sell later, knowing the funds will be available when you need them.
Who Is This For?
- Homeowners purchasing a new home before their current home has sold
- Buyers whose purchase closing date is before their sale closing date
- Those who want to make unconditional offers without waiting to sell first
- Homeowners relocating who need to secure housing before completing their sale
Common Goals
- Bridge the financial gap between buying and selling
- Make stronger, unconditional offers on new properties
- Avoid the stress of having to sell before buying
- Access short-term funds while waiting for sale proceeds
How It Works
We review your purchase timeline, sale status, and the equity in your current home.
I determine the bridge amount needed and identify lenders offering bridge financing.
The bridge loan is set up to cover the gap period, typically days to a few months.
When your current home sale closes, the bridge loan is repaid from the sale proceeds.
Important Considerations
- *Most lenders require a firm sale agreement on your existing property.
- *Bridge loans are short-term and carry specific fees and interest charges.
- *The bridge amount is typically limited to the equity in your current home.
- *Timing between sale and purchase closing dates affects the bridge cost.
Bridge financing is subject to lender approval and typically requires a firm sale agreement on the existing property. Fees and interest apply. O.A.C. Terms subject to change.
Ready to Get Started?
Free consultation, no credit check. I search 65+ lenders and 7,000+ solutions to find your best fit.
Subject to lender approval. O.A.C.
Typical Documents Needed
- Firm sale agreement for your current property
- Purchase agreement for your new property
- Current mortgage statement
- Proof of income
- Government-issued photo ID
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Advertising Disclosure: Michael Noble Green, Mortgage Agent Level 1 (Licence #M21002443) at 8Twelve Mortgage Corp. (Brokerage Licence #13390). All mortgage products and services are subject to lender approval. O.A.C. Rates and terms are subject to change without notice. This page is for informational purposes and does not constitute a commitment to lend.