Bridge loan is a loan that is offered to the borrower to reduce the debt burden of another loan. The facility is offered for short-term periods and it is secured against some property. The bridge loans have higher interest rates as the borrower is already in debt.
The bridge loan facility is normally used by homeowners to reduce the debt burden of the mortgage attached to their house. The part of the house for which the mortgage is already paid is the equity part of the house that a bank uses as a security for the loan until the homeowners can find a buyer of the house to get cash and repay the bridge loan when it's the time comes.
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