What Is Bridge Financing and How Does It Work?
What exactly is a bridge loan? Simply put, bridge loans represent short-term loans (usually 3 to 12 month terms) in which a homeowner borrows against the existing equity in their home or property.
Second Mortgage Explained
A second mortgage is a loan against a property that already has a mortgage on it. Just like a mortgage or loan, you are expected to repay the second mortgage with interest. If you do not make the required payments, the lender can sell your home to get their money back.