Short Term Property Loans

An Expert Guide To Short Term Property Loans

Interested in short term property loans? It’s important to make an informed decision before committing to any type of short term property funding.

Our guide gives you a general overview of this form of real estate financing. For those looking for short term loans to fund their next dream home, our bridging loans here at Bridgit could be a potential pathway for you. Read on to find out more about your options.

Learning about short term property loans

In real estate, short term property loans are designed to meet immediate or temporary financing needs. These are typically shorter than the thirty-year period that traditional home loans have. These short term home loans are typically used for various purposes, such as facilitating quick property transactions.

There are various types of short term property loans, and the availability of these types depends on the lender. One example is an auction loan, which is specifically designed for purchasing property at an auction. These express loans enable buyers to make purchases quickly.
Reasons you may need one

You may be looking for short term property loans for a very specific reason. Maybe you have been sitting on property for a long time, such as a family home, and are considering alternative home loans to help you downsize. This is a scenario that many empty-nesters or solo dwellers may find themselves in.

The problem is that you don’t yet have the funds to buy a new property because you haven’t sold your current one yet, leading you to search for urgent real estate loans.

In another case, your family may be outgrowing your current home, and you’re wondering if there is a short term mortgage that could potentially help you upsize to your next dream home.

In most cases, the existing property is sold first to fund the new purchase. The problem is that many people are left with little to no time to find a new home, which can lead to stress during the process. Prior to moving into their new space, they might spend a considerable amount of money on temporary storage or housing. In these scenarios, we at Bridgit may just be able to help.

Bridging it with Bridgit

From dream home to new home

At Bridgit, we strive to give people the opportunity to buy their next home on their own terms. Bridge financing, or a bridging loan, is a type of short term property loan that allows homeowners to secure their next property before selling their existing home. Instead, you could tap into your property equity as a potential way to fund your new home.

This short term home loan allows you to find the perfect home first and gives you the flexibility to adapt to the inevitable changes that come with adjusting to a new home.

Made for today

In today’s modern world, the short term property loans offered by some traditional lenders simply cannot keep up due to slow and manual processes. With Bridgit, rest assured that everything we do is done with advanced technology, with the mission to provide the best experience for our customers.

Because our short term property finance options aren’t held back by traditional processes, we’re able to offer a simple online application that only takes five to ten minutes, twenty-four-hour approval for eligible applicants, and settlement that is possible in as little as a few days.

How it works

Looking to apply for Bridgit’s bridging loans? Should your application be approved, we will provide the funds to buy your desired property. Plus, any existing mortgage is refinanced over to us, so you don’t have to worry about managing two mortgages.

Once you’ve sold your existing home, the proceeds from that sale are then used to pay off your bridging loan with us.

In the case of downsizing, there’s a good chance that you won’t be left with a balance after the sale of your home, so we can release security for all your properties immediately. On the other hand, if there is any remaining balance on the loan after the sale, which can be the case if you’re upsizing, you can then refinance that amount over to a traditional lender of your choice.

Submit an application today!

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.