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What Is a Bridge Loan?

A bridge loan is a short-term loan that helps you buy a new home before selling your current one. It gives you quick access to funds so you can move forward with your purchase without waiting for your old house to sell. Once your old home sells, you use the proceeds to pay off the bridge loan.

Key Features & Benefits

More Time and Flexibility

A bridge loan gives you extra time to sell your current home, so you can move into your new one without needing to rent or store your belongings.

A Competitive Advantage

A bridge loan lets you move quickly on real estate deals and unique opportunities. It also allows you to make an offer without a sales contingency, giving you an advantage in a competitive market.

Repayment Options

You can choose to make fixed monthly payments, interest-only payments, or wait to pay until your old home is sold.

Unlock Your Dream Home

1. Get Pre-Approved Apply to get pre-approved to understand your budget and financial potential.
2. Find Your New Home With your pre-approval in hand, start searching for your next home.
3. Close the Deal Finalize your mortgage loan, sign the paperwork, and smoothly transition into your new home!

Frequently Asked Questions

Why get a bridge loan with Midland States Bank?

At Midland States Bank, we know how overwhelming it can be to try to sell your current home before moving into your new one. Let us help you ease some of that stress with a bridge loan. When you get a bridge loan from us, you'll benefit from:

  • Digital convenience: You can easily apply online in just minutes.
  • Competitive rates: We provide bridge loans at competitive rates.
  • Full-service approach: Our experts are here to help at every step of the loan process.
  • World-class customer service: We go above and beyond to help you achieve your homebuying goals.
  • Loan expertise: You can count on a smooth loan process, thanks to our breadth of industry experience.

What is the difference between a bridge loan and a conventional loan?

The main difference is that a bridge loan is short term, while a conventional loan is long term. Bridge loans are typically repaid in a very short timeframe. Most conventional loans have repayment terms of 10 to 30 years.

Do I qualify for a bridge loan?

Generally speaking, if you live in Illinois or Missouri and have good credit, you may qualify for a bridge loan. Specific qualifications vary between lenders. Most lenders evaluate your credit, income and current home to determine whether you qualify.

How long does it take to get a bridge loan?

The time it takes to get a bridge loan varies depending on your lender and property. In many cases, the process is quick. You can often get approval and funding within just a few weeks.

Estimated monthly payment for a conventional $180,000 15-year term fixed-rate mortgage with a 20% down payment at 6.692% Annual Percentage Rate (APR) would be $1,568. Estimated monthly payment for a conventional $180,000 30-year term fixed-rate mortgage with a 20% down payment at 7.246% Annual Percentage Rate (APR) would be $1,213. Payments do not include amounts for taxes, homeowner's insurance, and flood insurance (if required) and the actual payment will be greater. If the down payment is less than 20%, mortgage insurance may also be required and could increase the monthly payment and APR. Payment examples are for illustrative purposes only and are subject to change.

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