Circumstance 2: The brand new apartment isnt marketed

Let’s fulfill Jim and you will Nancy

Jim and you can Nancy features a condo in town that they intend to sell. He’s got a current financial harmony from $300,100 towards the apartment.

Before they’re able to promote the newest apartment, it see property come on industry in the an ideal place that they don’t want to lose out on.

They get a bridging financing and get acknowledged, when the new couple’s current $3 hundred,100 financing gets the newest bridging mortgage that have an optimum loan name of 12 months.