No problem! Glad I can help!
Keep in mind this is only the short term solution....
if this is for long term, OPEN term & Home Equity LOC will cost a lot of $$!
Good point!
If you get a second mortgage on your property#1
it might require you to re-register your property to a higher value...
if that's the case, it will be very costly...
Option 1: Open Mortgage
Option 2: Home Equity Line of Credit
both of these would offer flexibility and no penalty if you plan to sell right away...
NEVER go for CLOSED mortgage
When you compare a mortgage vs. bridge loan,
typically bridge loan is unsecured - you pay higher interest / mortgage is secured by property - you pay lower interest
Could you clarify your situation further?
ie: Do you currently have a mortgage for property #1 and #2?