Bridge Morgage Basics Explained - Definition & Loan Options Included...
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Bridge Morgage options are generally based on a borrower's equity position in a property as well as the value of that property. Considerations of credit and income are less of a concern because these types of loans often have 'Interest Carry' which, in effect, means proceeds from the loan are used to make the monthly payments until permanent financing has been secured. On account of the above asset documentation is also less stringent. Offsetting this is that the appraisal standards are much more heavily emphasized.
Other Important Morgage Terms
Blanket Insurance Policy - A single policy that covers more than one piece of property (or more than one person).
Blanket Morgage - A mortgage covering more than one piece of property. Example : A developer subdivides a tract of land into lots and obtains a blanket mortgage on the whole tract.
Bond - A debt instrument in the capital markets. The U.S. government, corporations and municipalities use bonds to raise money. Bonds can also be backed by morgages. The best known bond is the 30 yr. treasury bond issued by the U.S. government.
OR...A sum of money given to a court to guarantee against a loss. For example if there is a lien on a property, the owner may remove the lien by posting a bond.
Borrower - One who applies for a loan secured by real estate and is responsible for repaying the loan.
Breach - To break or violate an agreement.
"To say that I appreciate you and your company's help would be a huge understatement..."
Bridge Morgage Basics, Definition & Options
A Bridge Morgage is a type of hard money loan typically used for transitional financing. It is generally a shorter term loan of less than 18 months that serves as 'interim financing' until the property sells, is refinanced with a conventional/permanent loan, is improved or otherwise completed.Bridge Morgage options are generally based on a borrower's equity position in a property as well as the value of that property. Considerations of credit and income are less of a concern because these types of loans often have 'Interest Carry' which, in effect, means proceeds from the loan are used to make the monthly payments until permanent financing has been secured. On account of the above asset documentation is also less stringent. Offsetting this is that the appraisal standards are much more heavily emphasized.
Other Important Morgage Terms
Blanket Insurance Policy - A single policy that covers more than one piece of property (or more than one person).
Blanket Morgage - A mortgage covering more than one piece of property. Example : A developer subdivides a tract of land into lots and obtains a blanket mortgage on the whole tract.
Bond - A debt instrument in the capital markets. The U.S. government, corporations and municipalities use bonds to raise money. Bonds can also be backed by morgages. The best known bond is the 30 yr. treasury bond issued by the U.S. government.
OR...A sum of money given to a court to guarantee against a loss. For example if there is a lien on a property, the owner may remove the lien by posting a bond.
Borrower - One who applies for a loan secured by real estate and is responsible for repaying the loan.
Breach - To break or violate an agreement.