Finance
In Michigan, a 'bridge loan' is used primarily to:
AFinance infrastructure projects
BProvide short-term financing to bridge the gap between buying a new home before selling the existing one✓ Correct
CAllow buyers to avoid private mortgage insurance
DFinance renovation projects on investment properties
Explanation
A bridge loan (swing loan) provides short-term financing to a homeowner who needs to close on a new home before their existing home sells. It uses the equity in the existing home to fund the new purchase temporarily.
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