Finance
In Hawaii, what is a 'bridge loan'?
AA. A long-term permanent mortgage for residential purchases
BB. A short-term loan to 'bridge' the gap between selling an existing property and purchasing a new one✓ Correct
CC. A loan for building bridges and infrastructure
DD. A government-backed loan for first-time homebuyers
Explanation
A bridge loan is short-term financing that bridges the gap when a buyer needs to purchase a new home before their existing home sells, using the existing home's equity as collateral.
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