ST. CLAIR SHORES, MI, June 19, 2024 –Navigating the complex world of real estate transactions requires impeccable timing. Whether you're a homeowner looking to buy a new property before selling your current one, or a business needing immediate funding to seize an opportunity, the gap between buying and selling can pose significant challenges. First State Bank is proud to introduce bridge loans as a solution to seamlessly 'bridge' these gaps.
“It is important to understand what a bridge loan is.” Says Amy Person, Chief Marketing Officer of First State Bank. “A bridge loan is a short-term financing option designed to cover the gap between purchasing a new asset and selling an existing one. This loan provides immediate cash flow, enabling you to move forward with your purchase while waiting for your current property to sell. Typically, bridge loans are secured by the collateral of the existing property and are designed for quick repayment, usually within a year.”
Imagine you've found your dream home, but your current house hasn't sold yet. A bridge loan from First State Bank can provide the necessary funds to purchase the new home. Once your current home sells, you can use the proceeds to pay off the bridge loan. This allows you to move into your new home without the pressure of aligning both transactions perfectly.
Is a Bridge Loan Right for You? Bridge loans offer numerous benefits but are not suitable for everyone. They are ideal for real estate transactions, business opportunities, and avoiding contingency offers. You should take these things into consideration before taking on a bridge loan, interest rates and fees, repayment plan, and your financial stability.
At First State Bank, we pride ourselves on providing personalized financial solutions tailored to your unique needs. Our experienced loan officers will work closely with you to understand your situation and offer the most suitable bridge loan options. With our commitment to swift processing and competitive rates, you can trust us to help you navigate the complexities of real estate and business financing.
Contact First State Bank today to explore bridge loan options. Our team is ready to assist you with expert advice and customized solutions to help you achieve your financial goals. Let us be the bridge to your success.
First State Bank is headquartered in St. Clair Shores, Michigan. With over 100 years of service and $980 million in assets, First State Bank serves Macomb County with 12 branch offices located in Chesterfield Township, Clinton Township, Eastpointe, Macomb Township, Richmond, Rochester, St. Clair Shores, Sterling Heights, Washington Township, and a Loan Center in Clinton Township. For more information, please visit www.fsb.bank or call 866-372-1275.
For Immediate Release
Company / Media Contacts:
Amy Persyn, Chief Marketing Officer, Senior Vice President
apersyn@fsb.bank
www.fsb.bank