What Is Bridge Financing?
Submitted by Andrew Shackleton on
I see a lot of people in my line of work and more than a few are in the process of buying and selling with another agent. Bumping into people who are already represented is a normal part of our business, and chatting about real estate is something I enjoy regardless.
Last summer I met two couples who’d bought new places but hadn’t sold their existing homes yet. Needless to say they were a bit anxious to get their homes sold. This got me thinking about the stress they must be feeling, and I wondered if these couples knew about a financing option called a bridge loan.
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Many small business owners become jacks-of-all-trades and do a little bit of everything when it comes to managing their businesses. This versatility can be a tremendous asset when first starting a business. As time goes on, however, the small business owner who continues to do everything him or herself will hit what I call the success stopping point.
In a recent podcast, we covered the concept of building a business foundation for your small business. Why is it that important? Here’s a statistic. Roughly 50% of businesses in Canada fail within their first 5 years, often before they’ve had a chance to hit key business milestones. That’s an alarming statistic for any business owner, even if they’ve passed the 5-year threshold. What causes those businesses to fail?