Bridge loans can give you a competitive advantage
In a sellers market, the competition for houses can be fierce. Many sellers will turn down any offer they receive that has a contingency clause (for example, a clause that states the offer is contingent on the buyer selling their own house).  This can be problematic for the buyer who does indeed have a house to sell.

To stay competitive in a tight market, some buyers make the choice of securing a bridge loan (also known as a swing loan or bridge financing).  A bridge loan covers the gap between the time a buyer closes on their new home and the time in which their old house sells.We only offer bridge loans when Amerifund Inc. is helping to provide the loan on the new house.

For borrower buying an existing home,the current home must be listed for sale with a professional real estate broker at the time the bridge loan is submitted for underwriting.For borrowers building a new home,instead of a listing agreement on the current home,we will requier a copy of the purchase/construction agreement showing the estimated date for completion.

Bridge loans do not require a monthly payment.The entire principal and interest due are paid at maturity.However,a monthly intrest payment will be used for qualifying purposes.

This is a deferred intrest payment loan with a single payment note,all principal and intrest will be due upon maturity.A bridge loan may be either a first or second lien.This product is not intended to payoff existing first mortgages.