Bridge Loan payoff Purpose

Posted By: Compliance Newbie

Bridge Loan payoff Purpose - 05/11/21 07:37 PM

We did a Bridge Loan, the 3 pieces of collateral were the dwelling and an empty lot being purchase also a condo they already owned.

Now they are paying off that bridge loan with the only collateral being the condo they already owned. Would this be a Refinance or Purchase like a payoff of a traditional bridge loan?