Beverly Hills, CA — August 9, 2022 — BridgeCore Capital, Inc. today announced it has closed a $1.360 million bridge loan to finance the acquisition of a Shell gas station and convenience store in Columbia, South Carolina.
BridgeCore’s repeat borrower, a REIT, whose investment strategy is to acquire attractively priced retail properties across the United States for its investors, needed a bridge loan to finance the purchase and leaseback of the subject property.
BridgeCore helped overcome a major challenge to help consummate this transaction, namely, a documented release of gasoline that is undergoing remediation and monitoring by the State of South Carolina.
After a thorough assessment of risk associated with the release by BridgeCore’s environmental consultant and the REIT’s retention of UST insurance for the active USTs, BridgeCore immediately proceeded with and quickly completed the loan.
BridgeCore’s unique, industry-leading pay-rate bridge product is providing the borrower with a low pay-rate of 7.00% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest. The 12-month term is providing the borrower the necessary time to execute an exit strategy to refinance with a conventional loan.
BridgeCore’s precedent-setting fixed-rate program for all small balance bridge loans on retail properties provides borrowers with no interest rate risk in an increasingly inflationary and rising interest environment.
BridgeCore employed its comprehensive resources and experience, addressing the historical environmental issues, and securing highly competitive loan terms to expedite the process and to help consummate the REIT’s investment opportunity.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $60 million on commercial real estate in prime U.S. markets, including origination of senior debt and purchase of non-performing loans secured by first trust deeds. Additionally, borrowers throughout the nation can take advantage of BridgeCore’s unique “Pay-Rate Protection” product, which reduces monthly payments to as low as 5.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest.
For more information, visit bridgecorecapital.com.