Bridge Financing

If you’re facing a situation where you need bridge financing or a bridge loan, contact us. Don’t risk losing your deposit or face legal action by breaking your purchase agreement.

What is Bridge Financing?

When you can’t get a mortgage for your new home until you sell your current home, the solution is bridge financing (or obtaining a bridge loan). This type of financing provides short term mortgage funds needed to close on the new home and is paid off when the bank mortgage is put in place, upon the sale of the existing home.

While banks do offer bridge financing, this is only for the down payment required, and is then repaid when your home sells. While this is helpful in situations where you plan on having a gap between closings, it won’t help if you’re in a situation where you expected your old home to be sold by the closing of the new home, but you don’t have an offer in place.

Obtaining Bridge Financing

Unless there is a significant amount of room within your debt servicing ratios, your mortgage lender will likely not approve the new mortgage without the existing one paid out. In this situation, you will need a much more flexible lender who understands the situation and knows that you need a bit more time to sell your home.

We work with private lenders that are open to financing, despite these challenges. They will offer a mortgage secured to both new and existing homes, utilizing the equity in your current home to bring the overall loan value to an acceptable level. Once your home sells, the private mortgage is paid off and you then obtain regular financing with your bank.

Of course, this takes proper planning and realizing that you will have two mortgage payments to make until the home sells. Depending on the circumstances, it may be possible to increase the bridge loan by an amount that will cover the payments for several months, which will make things manageable while trying to get the home sold.

The Graeme Moss Solution

If you’re facing a situation where you need bridge financing, contact us. Don’t risk losing your deposit or face legal action by breaking your purchase agreement. There may be a way to salvage the situation to allow the purchase to go through and give you time to sell your home.

Share details of your circumstances with us. We will perform an in-depth review to see what options you have. We have experience in these difficult situations and can structure things to keep moving forward so you can enjoy your new home.

Contact us today for a free, confidential review of your situation. We are here to help.

People we’ve helped.

  • I first met Graeme over the phone when we were living in Hamilton and finding it difficult to make our payments. He was so helpful and we knew he genuinely wanted for us to be successful. Ever since, we have gone to him when purchasing a new home or refinancing because we trust him and we know he cares. He always goes above and beyond to help us when we need it. We went from struggling to make payments to living in our dream home in a few short years.  I truly believe that it is because of his knowledge and passion for helping people build their futures that we are where we are today. Thank you, Graeme!!

    M. V. Hamilton, ON
  • Thank you Graeme, for everything you did to help us with our mortgage, for your patience with my questions and professionalism. We truly appreciate yours and Deborah’s efforts on our behalf.  We’ll be sure to recommend you to anyone we know who needs help like we did. Thanks so much for everything.

    J. M. Hamilton ON
  • Graeme Moss has provided stellar customer service and was a key player in ensuring due diligence. It was both a pleasure & very professional dealing with Graeme when I turned to Fair Mortgage Solutions seeking an interim solution.  He, once again was very accurate in advising me, he is not a lawyer. What prompted me to negotiate the legal fees was associated to why this crucial “matter” between legal departments was not finalized in 2017.  Moving forward, Graeme’s diligence directed me immediately to the right department. Your department honoured negotiating and we established completion of the task at hand, the Discharge of the MTG. Thank you!

    K. W. Burlington, ON
  • We refer clients to Graeme who are either having serious financial issues, or are recovering from a bankruptcy or proposal filing. They are challenging situations. I can count on Graeme to treat people with compassion and respect. I trust that if there is a mortgage solution to be found, Graeme will make it happen. He truly cares about people and helps them to succeed.

    Christine Zuk President, Vine and Williams Inc.
  • You and your team are awesome. You truly care and you saved my life. Thank you.

  • This is great. We were so worried. Hearing how others helped who were in a similar situation. This is a godsend. We appreciate the roadmap. Glad it is within 3 days. The advice free, can’t go wrong.

    H.H Mississauga
  • My wife and I were stunned at the speed you got this done. The fee was very low. We are thrilled. Thank you for your help!

    D.H. St. Catharines
  • You guys are friggin awesome! We feel so happy. Thank you so much.

    S.R. Oshawa
  • You have been a godsend. An absolute godsend. I can finally sleep at night. My children thank you. We have 6 options instead of being forced what to do.

    L.E. Mississauga
  • I'm a first time home buyer and had a very positive experience working with Graeme Moss, he gave good advice and made the process very easy.