Bridge loans, also referred to as swing loans are a type of short-term loans that are taken while waiting for more permanent financing. These loans carry a higher rate of interest than other conventional loans. They can be arranged at a short notice and do not need much paperwork.
These loans present an excellent solution for all those who are looking to sell their present home and buy a new one. Most lenders offer commercial bridge loans for a maximum of six months. After that, you would have to renew your loan if your existing home does not sell in that time frame.
You will need to have an excellent income, good credit and no or very less debts to be eligible to take the loan. There are several other factors too that influence the amount you can borrow.commercial loan