Bridge Loan Financing in Courtenay & the Comox Valley
Found your next home before selling your current one? Bridge financing lets you move forward without the stress of lining up two closing dates.
One of the most common challenges I see with move-up buyers in the Comox Valley is timing. You have found the right next home, but the down payment is tied up in the equity of the home you are still selling. Bridge financing solves exactly that. It is short-term funding that lets you access the equity in your current property to complete your new purchase, then it is paid off when your existing home sells.
Here is how I help. With over 18 years of experience and access to a full range of lenders, my team and I arrange bridge loans that fit the specifics of your move. I will explain the numbers in plain language, walk you through what your equity actually frees up, and make sure the transition from one home to the next is as smooth as possible. There is almost always a way to make the timing work, and my job is to find it.
How Bridge Financing Works
The One Requirement That Matters Most
Before you plan around a bridge loan, there is a key thing to know: most lenders require a firm, unconditional sale on your current home before they will provide bridge financing. A firm sale is what lets a lender calculate your available equity with certainty. In plain terms, no firm sale usually means no bridge loan. If your home is listed but not yet sold firm, that does not mean you are out of options, and it is exactly the kind of situation I can help you plan around, sometimes with a deposit loan to strengthen your offer in the meantime.
Who Bridge Financing Is For
Move-up buyers in Courtenay, Comox, Cumberland, and across the Comox Valley who found their next home before selling. Homeowners who want possession of the new place before leaving the old one, so they can paint, renovate, or move at their own pace. Buyers who do not want to rush the sale of their current home just to line up dates. Anyone whose down payment is tied up in the equity of a property they are selling. If your purchase and sale do not line up perfectly, bridge financing is likely the answer.
FAQs
Common questions about bridge loans
What is a bridge loan?
A bridge loan is short-term financing that lets you access the equity in your current home to complete the purchase of your next one, before your existing home sale has funded. It bridges the gap between buying and selling, then it is repaid in full when your current property sells.
Do I need a firm sale on my current home to get a bridge loan?
In most cases, yes. Lenders generally require a firm, unconditional sale on your existing home so they can confirm your available equity and manage their risk. If your home is not sold firm yet, let's talk, because there may still be options such as a deposit loan to keep your move on track.
How much can I borrow with a bridge loan?
It is based on the equity in your current home, generally the firm sale price minus your existing mortgage and selling costs. That equity is what gets advanced toward your new purchase. I will run the exact numbers for your situation so you know precisely what you have to work with.
What does bridge financing cost?
Interest is charged only for the days you actually use the loan, usually at a rate above prime, and there is often a small administration or legal fee. Because a bridge loan is typically in place for just days to a few months, the total cost is usually modest relative to the convenience it provides. I will show you the real figures before you commit.
How long does a bridge loan last?
Bridge loans are short-term by design, often up to 90 to 120 days, though some lenders allow longer. The balance is repaid automatically when your existing home sale completes, so the term simply covers the gap between your two closing dates.
