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Bridge Loan Definition
A bridge loan is a type of hard money loan wherein guidelines for approval are general based more more on the property value rather than the income and credit of the applicant. The required income and asset documentation is usually lower while the appraisal standards are emphasized. The term "bridge loan" came about because it is a transitional loan from one type of mortgage into another. It is a shorter term loan that is designed to be used as interim captial until the following occurs: The property is sells; The property is refinanced with a conventional loan; The property is improved or completed.Find the definition for Bridge Loan in our mortgage glossary
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MORGAGE GLOSSARY
Amortization | Amortization Schedule | Annual Percentage Rate - APR | Biweekly Mortgage | Bridge Loan | Cash Out | Conforming Mortgage | Conventional Morgage | Debt To Income Ratio | Direct Lender | Discount Mortgage Broker | Discount Points | Good Faith Estimate | Grace Period | Impounds | Interest Only | Jumbo Morgage | Loan To Value | LTV | Negative Amortization | No Ratio | Option Arm | Piggyback | PITI | PMI | Prepayment Penalty | Reverse Mortgage | Subprime | Truth in Lending | Wholesale Lender | Yield Spread Premium | YSP