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| Scarlet |
 Posted: Wed Jan 31, 2007 4:45 pm |
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Joined: 04 Dec 2006
Posts: 7
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| Is a bridge loan a smart kind of loan to get when you want to refinance, or are there separate kidns of loans meant strictly for that purpose? |
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| ACE |
| Posted: Wed Jan 31, 2007 5:00 pm |
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Joined: 20 Oct 2006
Posts: 13
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| No, you need a refinance loan. Bridge loans are only for a certain amount of time, until you can secure another loan from a lender. It's just that -- a bridge between itself and another loan. |
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| Scarlet |
| Posted: Thu Aug 02, 2007 7:23 pm |
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Joined: 04 Dec 2006
Posts: 7
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| Well put, Ace. Bridge loans tide you over until your major piece of property closes. Then you can pay off your bridge loan and concentrate on the big guy. Bridge loans are aptly named. |
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| ohanzee345 |
| Posted: Mon Aug 06, 2007 3:56 pm |
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Joined: 19 Oct 2006
Posts: 5
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| So are bridge loans easier to get than 'normal' loans? Are they more difficult? Is there a set amount thay have to be? As you can tell, I'm somewhat ignorant here. |
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| Scarlet |
| Posted: Thu Aug 09, 2007 2:03 pm |
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Joined: 04 Dec 2006
Posts: 7
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| No easier or harder. It's just another kind of loan. Depends on what your collateral is, how much of it there is, the kind of terms you want/need, all the usual variables. Only way to find out is to talk to a lender. |
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| maHina |
| Posted: Fri Aug 10, 2007 1:25 pm |
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Joined: 19 Oct 2006
Posts: 9
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| Don't forget that, with bridge loans, there is a definite time limit, usually three years or less. They are just mean to tide you over until you secure your 'real' loan, then you pay back the bridge, and you're out of it. |
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