Finance
A bridge loan in Vermont real estate is used when:
AThe buyer needs long-term permanent financing
BA buyer needs short-term financing to purchase a new home before selling their current home✓ Correct
CThe seller needs to pay off existing liens
DThe lender needs to transfer the loan to another servicer
Explanation
A bridge loan provides short-term financing to bridge the gap between purchasing a new property and receiving proceeds from the sale of the buyer's existing home. It is typically secured by the current home.
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