Financing between homes

Couple applying for a personal loan

Many people like to find and buy a home before they sell their existing home.  That way, they know they have found the home they want to move into next.

However, when the sale of your existing home does not line up with the purchase date of your new home, we are here to help with Bridge Financing.

What is Bridge Financing?

Many homebuyers will want to use the equity in their current home to put a deposit on their new home. 

Bridge Financing is a temporary loan that allows you to purchase your new home before completing the sale of your existing home, by allowing you to access the equity in your existing home.

This is typically a short-term solution with terms ranging from 60 days to 180 days, but keep in mind that you will need to apply for and qualify for bridge financing.

Aside from qualifying for credit and having enough equity in your existing home, you will also need a Sales Agreement for your existing home (with all conditions satisfied) and, if buying, the Purchase Agreement for your new home, with all purchase conditions satisfied met on it.

If you think Bridge Financing may help you bridge the gap for your new home purchase, contact one of Cambrian’s Lending Specialists to find out if you qualify.