South Carolina S0787 defines bridge loans and exempts them from certain balloon payment regulations.

South Carolina S0787 amends the South Carolina Code to define "bridge loan" as a consumer loan with a maturity of less than eighteen months connected with the acquisition or construction of residential real property. The bill also modifies existing balloon payment regulations to exclude bridge loans from the requirement to allow refinancing. This change aims to provide flexibility for borrowers in the short-term financing of residential real property.

South Carolina S0787 defines bridge loans and exempts them from certain balloon payment regulations.

South Carolina S0787 amends the South Carolina Code to define "bridge loan" as a consumer loan with a maturity of less than eighteen months connected with the acquisition or construction of residential real property. The bill also modifies existing balloon payment regulations to exclude bridge loans from the requirement to allow refinancing. This change aims to provide flexibility for borrowers in the short-term financing of residential real property.