Bridge Loan

A Tower Bridge loan helps you close the mortgage gap between purchasing your new home and selling your existing property.  If your current home doesn't sell in time, a Bridge loan - backed by the equity in your existing property - gives you the money you need for a down payment, allowing you to close on your new home.

• The term is 12-month balloon.  The loan balance plus interest are due on the balloon date or when the home is sold, whichever comes first.
• No monthly payments required.  Interest will accrue on a daily basis and be due on the 12-month balloon date of the loan.
• There are no up-front closing costs payments.  Closing costs are assessed but are collected at the time the loan is paid off.
• The loan can be up to 70% loan-to-value. (Other loan options available up to 100% loan-to-value)
• To apply, the collateral property must have a signed listing agreement or a signed sales contract.
• To settle and receive the funds, there must be a signed sales contract on the new home and an established settlement date.
• The minimum loan amount is $5,000, the maximum is $417,000.

If you prefer a longer term loan option with monthly payments, select a 15-year term (30-year amortization) home equity loan.  Payments are based on a 30 amortization, allowing lower monthly payments with more time to pay.  The outstanding loan balance is due on the 15-year balloon date.

For additional questions or to apply, call Real Estate Lending and ask for a Mortgage Loan Advisor at 301-497-7000 or 1-800-787-8328.