What is a Bridge Loan?
A bridge loan, also known as a hard money loan, is a short-term loan used until an individual or company can secure permanent financing. Basically, they “bridge” the gap between an immediate need for cash to pay bills and the eventual closing of a pending investment agreement or long-term financing package.
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Bridge loans are usually granted for a tenor of 12-36 months and many can be refinanced through lenders at low cost, long-term financing. Bridge loans are essential not only for the short term but also for quick closure, so borrowers can take advantage of the opportunity to arrange long-term loans when they are ready. Speed is also essential when it comes to financing bridges because the borrower may be trying to restructure a loan or avoid bankruptcy claims.
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