Private bridge loans are designed to smooth the financing path between you and your financial goals. They are literally a bridge between your current financial situation and future or pending loans. This type of loan is typically approved in a much shorter time frame than traditional loans from a bank, making them a great solution for someone who needs to make a move quickly.
For example, if you are house-hunting and find a home you love, you probably want to make a move quickly before someone else buys it. If you do not have enough money saved for the down payment, you might need a bridge loan while waiting on your mortgage loan to come through. The bridge loan would help to secure the property, giving you the time you need to get the remainder of the finances in order.
Some home buyers use private bridge loans when searching for a new home but have not sold their current home yet. Businesses often take advantage of private bridge loans to secure a building for their operations while waiting on the remainder of their funding to approve.
Regardless of the reason you need one, private bridge loans provide the potential to make financial moves quickly and get you closer to your financial goals.