Finance
In Massachusetts, a 'bridge loan' is typically used to:
AFinance the purchase of a commercial bridge
BProvide short-term financing to allow a buyer to purchase a new home before their current home sells✓ Correct
CReplace a construction loan after a building is completed
DFinance repairs after a property purchase
Explanation
A bridge loan is short-term financing that allows a buyer to purchase a new property using the equity in their current home before it sells. Bridge loans typically carry higher interest rates and fees due to their short-term nature and the risk to the lender.
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