What Is An Interim Loan

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 An interim loan, also known as a bridge loan or interim financing, is a short-term loan typically used to cover financing gaps during the transition between the purchase of a new property and the sale of an existing one.

For example, if you're in the process of selling your current home and buying a new one, but the sale hasn't closed yet, you might need interim financing to cover the down payment or closing costs for the new home. Once the sale of your current home is finalized, you can use the proceeds to pay off the interim loan.

Interim loans are usually provided by banks, credit unions, or private lenders and are often secured by the property being purchased. They generally have higher interest rates and fees compared to traditional mortgage loans due to their short-term nature and higher risk.

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