A bridge loan is a short-term loan that is used to bridge the gap between the sale of an existing property and the purchase of a new one. It is a popular financing option for homeowners who need to move quickly and cannot wait for the sale of their current property. Bridge loans are typically secured by the existing property and can be used to finance the down payment on the new property.

Bridge loans are designed to be flexible and can be customized to meet the specific needs of the borrower. They can be used for a variety of purposes, including the purchase of a new home, the renovation of an existing property, or the consolidation of debt. Bridge loans typically have a term of six to twelve months and carry a higher interest rate than traditional mortgages. However, they can be a valuable tool for homeowners who need to move quickly and cannot wait for the sale of their current property.