Building Bridges That Lead To Your New Home
We bridge financial opportunities for businesses, investors, and developers with our Bridge Loans in Toronto, GTA, and Ontario.
Contact us for assistance with Business Loan.
Are you finally ready to purchase the home of your dreams but need short-term financing to make it happen? Review your options and find out how bridge financing can help you.
What is Bridge Financing?
Bridge loans or mortgage Bridge Loans in Toronto are a type of short-term financing that is typically used to bridge the gap between two major financial transactions. These loans are designed to help bridge the gap when you need access to cash quickly but aren’t able to secure traditional financing.
They are often used by homeowners who are looking to buy a new home before selling their current one, or by investors who are looking to purchase a new investment property before selling their current one.
With mortgage bridge loans, you typically have to pay a higher interest rate than with traditional financing options, and they often come with stricter terms and conditions. However, this type of loan can be a great option if you need fast access to cash and are confident that you will be able to repay the loan in a timely manner.
So if you’re thinking about looking into mortgage bridge loans, it is important to do your research and carefully compare your options so that you can find the most suitable financing option for your needs.
How Does a Bridge Loan Work?
Bridge Loans Toronto are your financial solution when you need to buy a new property before selling your existing one. It bridges the gap between these transactions seamlessly.
First, you apply for a bridge loan from a reputable lender. They evaluate your financial situation, approve the loan, and determine the amount you can borrow, usually up to 80% of your combined property values.
With the loan, you can swiftly purchase your new property, even if your current one hasn’t sold yet. You make monthly interest-only payments, keeping financial stress minimal. Once your old property sells, you use the proceeds to pay off the bridge loan.
Bridge Loans are tailored for borrowers with strong credit scores and low debt-to-income ratios. Essentially, it bridges the gap between two mortgages, whether for homes or commercial properties, offering the flexibility needed during transitions. However, these loans come with risks, prompting lenders to cap them at 80% of the combined property values. This ensures that borrowers have substantial equity or savings.
At ORION Financial, our mortgage experts excel in securing Bridge Loans in Toronto, even in challenging scenarios. If credit, income, or loan-to-value ratios pose concerns, consult our agents to explore your options confidently.
Bridge Mortgage Solutions in Ontario
At ORION Financial, we understand the unique needs of homeowners and investors, and our team works closely with each client to help them find the right bridge loan/mortgage option for their situation.
Whether you are buying a new home before selling your current one or looking to purchase an investment property before selling your current one, we offer bridge loans tronto that are tailored to meet your needs.
With the right mortgage bridge loan, we can help to ensure you achieve the home of your dreams without the hassle.
With same-day pre-approvals by ORION Financial, you can bridge your loan gap faster than ever before. Our pre-approval process just requires 60 minutes from when you submit the application - and voilà!
Applying without cost:
Submitting your application and getting a quote is always free and easy. With no hidden fees or charges, our bridge loan solutions have been helping borrowers make the most of their mortgage investments.
Finding your ideal Bridge Mortgage in Toronto can be a daunting task. We offer personalized bridge loans to meet our client's unique needs, so you can find a loan that works for your specific situation.
Find the right mortgage option for you:
We provide our customers with a variety of mortgage options to suit their individual needs. Our team of experienced professionals will work with you to explain how each option works and which one fits your needs.
Flexible repayment options:
You can structure your loan repayments in a way that works for your unique financial situation and needs. Whether you want to make larger monthly payments or opt for an interest-only loan, we will work with you to find the right solution.
Hassle-free application process:
We make it easy to apply for bridge loans and walk you through every step of the process. From start to finish, we will be there to help you get the financing you need quickly and easily.
Ongoing support and guidance:
Once you have your bridge loan in place, our team will be there to provide ongoing support and help you navigate any challenges that may arise. Whether you need assistance securing financing for a property renovation or advice on managing your bridge loan repayments, we are here to help.
Get To Know About
Potential Advantages of Bridge Loans in Toronto
Fast, easy access to funds
Whether you need cash quickly to make an investment purchase or are in a hurry to sell your current home and buy a new one, bridge loans from Orion Financial can help you get the financing you need fast.
Flexible repayment options
With bridge loans, you can structure your monthly repayments in a way that works for your unique financial situation and needs. You can opt for larger monthly payments, interest-only repayments, or any other repayment option that helps you better manage your bridge loan obligations.
Easier to Qualify
Bridge loans are generally easier to qualify for than traditional loans, making them ideal for businesses that have less-than-perfect credit or don’t have a long credit history. Bridge loans can provide the timely financial support needed to bridge the gap between short-term expenses and long-term financing.
Disadvantages of Bridge Loans
- Higher Interest Rates: Bridge loans typically come with higher interest rates compared to traditional mortgages, which can result in higher borrowing costs over the short term.
- Short-Term Obligation: The relatively short repayment period of bridge loans, often ranging from six months to two years, can create pressure to secure permanent financing or sell the property quickly.
- Financial Risk: If you cannot secure permanent financing or sell your property within the bridge loan term, you may face financial challenges, potentially leading to default or foreclosure, putting your property at risk.
What We Can Offer
And what you can get----
Get $750 Cash Back
Get up to $750 cash back when you close with us and refinance your mortgage in Toronto!
$500 Referral Fee
Receive $500 if you refer a friend and their mortgage funds to us!
How Much Money Can You Get with a Bridge Loan?
The amount of money you can secure with a bridge loan toronto and the loan’s duration are flexible and contingent on several factors. Typically, bridge loans can range from a few thousand dollars to several million dollars, with the exact amount determined by factors such as your creditworthiness, the combined value of the properties involved, and the specific policies of the lender. Lenders often extend bridge loans for up to 80% of the combined value of the properties. If your old and new properties have a collective value of $1 million, you might potentially access up to $800,000.
Bridge loans are inherently short-term financial instruments. They are typically structured to be repaid within six months to two years. However, some lenders may offer extensions if necessary, although this may come with additional costs. The precise terms and conditions of your bridge loan, including the loan amount and duration, will be worked out with your chosen lender based on your unique circumstances, property values, and financial needs. Therefore, it’s advisable to have a detailed discussion with a reputable lender who specializes in bridge loans to determine the most suitable terms for your specific situation.
What is the Interest Rate on a Bridge Loan?
The interest rate on a bridge loan can vary widely depending on several factors, including the lender, your creditworthiness, the loan amount, and prevailing market conditions. Generally, bridge loans tend to have higher interest rates compared to traditional mortgages or other long-term loans.
Typically, bridge loan interest rates are structured as a spread above the prime rate or another benchmark interest rate. The specific spread can vary, but it often ranges from 2% to 5% or even higher.
To determine the exact interest rate you’ll receive on a bridge loan, it’s essential to discuss your specific circumstances with potential lenders. They will consider factors such as your credit score, the loan-to-value ratio, and the duration of the loan when determining the interest rate. Keep in mind that while bridge loan interest rates may be higher, they are generally a short-term financing solution, so the total interest paid over the loan’s duration is often manageable.
Meet Orion Financial:
Your New Long-Term Partner
Whether you are selling one property and buying a new one, investing in another property, or simply having large expenses coming up soon, bridge loans from Orion Financial can help make it happen.
What Others Are Saying
Had the best experience with Maksim and his staff. Everything was quick and easy. Maksim is well-connected and finds the best lending solutions for your needs. He follows up every step of the way to ensure you're not missing any deadlines. Definitely, someone who goes above and beyond! Thank you so much!
Hands down best mortgage service in the city. Maks and the team helped me with my closing and provided a variety of different lenders. No matter how complex your situation is, they can help get it done!! Looking forward to future support
I reached out to Maksim after being referred by a friend of mine. Maksim was great to work with! Got us a great rate and was there to answer questions along the way (house finances are stressful enough to deal with). Made the process quite a bit easier for us. We had a great experience the first time around, so we've now actually used him for 2 mortgages. I don't see a need to seek anyone else!