The amount you can borrow with a bridge loan depends on several factors, including the lender’s policies, your financial standing, and the value of the property you’re using as collateral.
In general, bridge loans are short-term loans designed to bridge the gap between the purchase of a new property and the sale of an existing property. As such, they are typically secured by the equity in your current property, and the amount you can borrow is limited by the amount of equity you have.
Most lenders will only offer bridge loans up to a certain percentage of the property’s value, usually around 80-90%. However, some lenders may offer more or less depending on your specific circumstances.
It’s important to note that bridge loans generally come with higher interest rates and fees than traditional loans, so you should carefully consider whether a bridge loan is the best option for your financial situation. It’s also important to have a clear plan for how you will repay the loan once your existing property is sold.