Construction & Bridge Loans

New Jersey Construction Loans

A Construction Loan requires a construction plan to be presented to the lender. The lender has to know the story behind the plan before they are willing to loan you the money. Because this type of loan has many variables, it's not going to be standardized like mortgage loans. Usually construction loans require interest-only payments during construction and are due upon completion. Give us a call if you have any questions regarding to this program.

Construction Loans are temporary and usually lasting six months to a year while the house is being built. Construction Loans are paid off by a long-term mortgage loan upon the completion of the home.

New Jersey Bridge Loans

A bridge loan is one that "bridges" the gap between the purchase of a new home and the sale of the borrower's current home, sometimes also known as a "swing loan". The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old. They usually run for a term of six months.

Sometimes you may be in need of immediate cash to finance your purchase or perhaps maybe even a current business operation.

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