Bridging finance loans can help you get money quickly by leveraging equity, but it will come at a steep cost. Lenders often charge higher rates and fees than traditional mortgages for these short-term financing arrangements.
You could be looking at interest rates between 8% – 10% or as high as double the rate of the average 30-year fixed-rate mortgage.
Other fees, which can add up to 2% – 3% of your loan amount, include:
Origination fees (based on the amount you're borrowing) Appraisal fees Escrow fees Title insurance Notarization fees Administration fees