Temporary financing to help you close your new home.
When you’re buying and selling a home at the same time, chances are you’ll need the
proceeds of your current home to purchase the new one. But what if the closing dates don’t
line up and you don’t get your cash in time? This is where the RMG Bridge Financing
Program comes in.
Our Bridge Financing Program is a temporary financing solution to bridge your down payment when it’s not available at the time of closing – typically because it’s coming from the sale proceeds of an existing home and the closing date falls after the purchase of your new property. In this case, you would carry two mortgages for a short period of time.
Our Bridge Financing Program is a temporary financing solution to bridge your down payment when it’s not available at the time of closing – typically because it’s coming from the sale proceeds of an existing home and the closing date falls after the purchase of your new property. In this case, you would carry two mortgages for a short period of time.
- The maximum term for a bridge loan is 45 days (60 days in Manitoba)
- An exception can be granted for up to 120 days if RMG secures a collateral bridge loan by way of a second mortgage
- The minimum bridge mortgage amount is $5,000
- The maximum amount is the lesser of:
- The purchase price less the mortgage amount; OR
- The sale price less the existing mortgage balance less 7.00% of the sale price as estimated closing costs
- Bridge loans that exceed $150,000 must be registered as collateral second mortgages on your first property
- A processing fee will be deducted from the bridge loan funds
The strength behind RMG Mortgages
A professional mortgage broker can
walk you through the process of
securing the bridge financing you need.
A professional mortgage broker can
walk you through the process of
securing the bridge financing you need.