Bridge Mortgage Ontario. Buy Before You Sell.

A short-term loan that lets you close on a new home before your current home sells. It covers the gap between your purchase closing and your sale closing, and it is repaid from your sale proceeds. We arrange bridges through banks, B-lenders and private lenders. lendsimpl is licensed and regulated by FSRA (Brokerage #13763).

Bridge rates are usually higher than standard mortgage rates because the term is short and the lender relies on your sale closing. Bank bridges for firm sales are priced off the prime rate, and the rate card above shows the current starting point. Private open bridges are priced by equity, property and term. Your exact rate is confirmed at application. Any fee that applies to your file is disclosed in writing before you commit.

A bank closed bridge generally needs a firm, unconditional sale agreement. A private open bridge may be possible if your home is listed or conditionally sold, depending on your equity and the lender. We compare both for your file.

Your total cost is usually interest, any fee that applies to your file and the legal costs of registering and discharging the bridge. It depends on the amount, the term and the lender, so we calculate the total for your file and provide it in writing before you commit.

Possibly. Private bridge lenders focus mainly on the equity in your existing property, so credit is usually a smaller factor, but it is still reviewed. Minimum equity and documentation requirements are confirmed at your assessment.

A HELOC is a revolving line of credit secured by your current home. A bridge is a one-time advance for a specific timing gap, repaid from your sale. Which fits depends on your equity, how you qualify and your timeline, and HELOC qualification rules vary by lender. We compare both for your situation. See HELOC in Ontario.

Timelines depend on the lender, the property and how complete your file is. Tell us your closing date and we confirm what is realistic at your assessment. Call (416) 299-6096.

Bridge terms are short, usually from a few months to about a year, and vary by lender and bridge type. The term should match your realistic sale or refinance timeline, and we confirm the lender's terms before you commit.

In some cases, yes. We arrange commercial bridge financing on properties such as multi-unit residential, mixed-use, retail, industrial and office, for needs like construction completion, repositioning or the pending sale of another asset. Pricing depends on property type, LTV and term. See commercial mortgage rates in Ontario.

Banks usually require a firm sale and full underwriting. As a broker, we can also approach private lenders, including mortgage investment corporations and individual investors, when your sale is not firm. Timelines vary by lender. We compare the options for your file so you can choose with the full cost in front of you.