What Is The Process To Getting A Bridge Loan?
First of all, there's been an offer to purchase, an agreement of sale on a home. You are the seller, or you're the agent and a home has been sold. Now, the contract might have something called suspensive conditions. What does that mean? A suspensive condition would be something that says, If this happens, then the deal goes through. But if that doesn't happen, the deal doesn't go through. I'll give you an example. If I sell my home I'm currently living in, then I'll buy this home from you. If I don't sell this home, then I don't have to buy the home from you, the contract is off. That would be an example of a suspensive condition. This has to happen and if it doesn't, no deal.
So when we bridge we need to make sure that there are no suspensive conditions, or if there were any, that those points have been met. We need to make sure that the guarantees are in place. What are guarantees? Basically, it means that the bank has said we're going to give you a loan, a bond, a mortgage, or whatever the word is that you use. We're going to give you an amount of money to buy your new home. So it's a guaranteed thing, you're getting your bond money. So we need to make sure that the guarantee is in place.
Other than that more or less, we are good to go! We'll send you some really simple paperwork. It's five pages of very easy documents. And once that's signed you'll send it to us and we deal with your transferring attorney directly. We don't want you to deal with it. We don't want to make it hard work for you. You just fill in simple paperwork and we do the rest.
When we're good to go, which usually takes a few hours, we send you your money. That's how it works. These are the steps that we take to try to make it easy and most importantly, quick, without red tape, without hidden fine print, without fees that you don't know about.
I hope that that makes sense and I'm looking forward to helping you and taking you through this process.