Temporary or Short Term?

Posted By: Dodge

Temporary or Short Term? - 06/18/20 06:48 PM

A loan request to purchase a house from a customer who is moving to our area from out of state. They requested a six month single pay or interest only to purchase the home. They are requesting this short term financing loan so they can get moved and time to refinance the loan to secondary market.

Would you consider this short term or temporary? It will be replaced by permanent financing but with a different institution.

I'm overthinking this one because it does not fit the normal definition of a bridge loan.
Posted By: Dan Persfull

Re: Temporary or Short Term? - 06/18/20 07:25 PM

It will be replaced by permanent financing but with a different institution.

Temporary