Fort Lauderdale, FL – 03/27/2020 – Putting it simply, bridge financing is a short-term loan that can help someone move from an existing property or home to another. This type of loan may be a good solution for certain people.
Fort Lauderdale, FL -- (SBWIRE) -- 03/27/2020 -- A major advantage of a bridge loan is that it helps borrowers or investors to buy a house before they decide to sell an existing home. It can also provide an advantage if someone is interested in a home for example, but the seller is not willing to accept contingent offers. The closing process can also be quicker, as it is possible to close the selling of the new home before the sale of an existing home is completed.
Bridge loans have their advantage but consideration must also be taken of the disadvantages. Of example, all prices and interest rates are more costly when it comes to closing the costs. An existing property might need to be viewed with a large amount of equity. Borrowers will also need to bear in mind that they might end up having to make payments, at least temporarily, on two distinct properties.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on Florida hard money lending, please call 954-816-0388 or fill out the application.