A bridge loan, or “private money financing” comes from a private funding source rather than from a bank or credit union. This type of short-term loan can be helpful when you need money fast, such as when you are purchasing a new property, or refinancing loans that have matured. Bridge loans have greater flexibility and have higher rates because they fund faster than traditional loans and because they are loans based on the collateral rather than on your personal credit or income. This means there is no minimum credit score or income ratio to qualify. When your bank turns you down and you need money fast, a Bridge Loan may be the solution you need.
