Bridge Loan in Ottawa

What do you use a bridge loan for?

A bridge loan in Ottawa is used in a similar way as in other parts of Canada. It is a short-term loan that is used to "bridge" the gap between the purchase of a new property and the sale of an existing property. This allows individuals in Ottawa to purchase a new property before they have sold their existing property, which can be especially useful in a hot real estate market where properties are selling quickly. Additionally, bridge loans can also be used to provide individuals with the funds they need to make a down payment on a new property, while they are waiting for their existing property to sell.

Bridge loans can also be used by businesses and entrepreneurs in Ottawa for various purposes such as:

• Purchasing commercial property: A bridge loan can provide the necessary funds for a down payment on a new commercial property, allowing businesses to expand or move to a new location.

• Renovations and expansions: A bridge loan can be used to finance renovations or expansions to an existing commercial property, allowing businesses to improve their operations and increase revenue.

If you want to know more, feel free to give us a call. We will be more than happy to help.

Is a bridge loan right for you?

Whether a bridge loan is right for you depends on your unique situation and financial goals. Here are a few factors to consider:

• Timeframe: If you need to purchase a new property before your existing property is sold, a bridge loan may be a good option.

• Equity: If you have enough equity in your existing property to qualify for a bridge loan, it may be a good option.

• Repayments: Exit strategy: It's important to have a clear plan for how you will pay back the bridge loan, whether it be by selling your existing property or securing permanent financing for the new property