Beverly Hills, CA — January 31, 2020—BridgeCore Capital, Inc. today announced that it has closed a $10.9 million loan on a 50-unit apartment complex in West Los Angeles.
The loan involved a borrower who required a large cash-out bridge loan on an apartment complex with below market rents. Proceeds were needed to invest in a business and to reposition the property with capital improvements and unit renovations. Given the need for certainty of execution and superior bridge pricing, the borrower sought BridgeCore’s unique, industry-leading Pay-Rate solution of a 4.99% current pay-rate on a 7.99% total interest rate during the loan term, with 3.00% accruing without compounding interest.
Since BridgeCore underwrote on current value rather than the property’s previous below market purchase price, the borrower is now able to season the property with BridgeCore’s market level loan, allowing it to be repositioned for refinancing after stabilization at the maturity of BridgeCore’s 18-month term.
BridgeCore employed its decades of experience in lending and law to solve the borrower’s array of challenges, securing highly competitive pricing, comprehensive legal underwriting and due diligence, and navigating through transactional complexities.
BridgeCore provides short-term loans ranging from $1 million to $15 million on commercial real estate in prime markets, including origination of senior and subordinated 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 borrowers’ monthly payments with a 4.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest.