What is a bridge loan?
Bridge loans provide a short-term financing solution for individuals and businesses facing temporary cash flow needs or seeking to take advantage of immediate opportunities. They serve as a bridge between current financial situations and longer-term financing arrangements, offering flexibility and quick access to funds under specific circumstances.
What are the current bridge loan rates?
Bridge loan rates can range significantly, often starting around 6% to 8% or higher annually. Rates may also be expressed as a spread above a benchmark rate, such as the prime rate.
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 400,000 | 4.55% | 183,517 |
| 400,000 | 4.55% | 183,517 |
| 400,000 | 4.55% | 183,517 |
| 500,000 | 5.05% | 254,604 |
| 500,000 | 5.05% | 254,604 |
| 500,000 | 5.05% | 254,604 |
| 600,000 | 5.55% | 335,775 |
| 600,000 | 5.55% | 335,775 |
| 600,000 | 5.55% | 335,775 |
| 700,000 | 6.05% | 427,029 |
| 700,000 | 6.05% | 427,029 |
| 700,000 | 6.05% | 427,029 |
How do I calculate my future expenditures on a bridge loan?
Calculating your future expenditures on a bridge loan in Canada involves estimating the total cost of borrowing, including interest charges, fees, and any other associated expenses.
To calculatr the costs you can use our online mortgage loan calculator.
You can also see the similar FAQ about:
- BMO calculators
- BMO cashback mortgage proposals
- BMO pre-approved mortgage
- BMO rates
- CIBC home insurance
Details of companies offering the financial services:
Clover Mortgage
Head office’s address: 7 City Centre Dr Suite 150, Mississauga, ON L5B 1M5
Contact center: 1-416-674-6222
Web-site: https://clovermortgage.ca/
Jeff Di Lorenzo
Head office’s address: 122 Lower Bench Rd, Penticton, BC V2A 1A8
Contact center: 1-877-744-3436
Phone: 778-839-3963
Web-site: https://yourequity.ca/
Mortgage Commitment Powered By Centum Financial Services FSRA
Web-site: https://mortgagecommitment.ca/
True North Mortgage
Web-site: https://www.truenorthmortgage.ca/
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004