Beverly Hills, CA — July 14, 2021 — BridgeCore Capital, Inc. today announced it has closed a $12.45 million loan on a retail center in Atwater, California.
BridgeCore’s borrower required a bridge loan to acquire a 100% occupied grocery and pharmacy-anchored retail center. However, the borrower was unable to secure traditional financing, since conventional lenders would not provide the flexibility required to allow for the sell-off of individual parcels of the property during the loan term.
BridgeCore was able to provide the needed flexibility, enabling the borrower to execute its business plan. BridgeCore provided a competitive interest rate of 6.90%, with a 24-month term, including two six-month extension options.
The favorable loan terms today are allowing the borrower the necessary time to sell-off individual parcels, reduce the principal loan balance, and eventually to refinance with conventional financing on any remaining parcels.
BridgeCore employed its decades of experience and innovative strategies, solving the borrower’s array of transactional related challenges involving the loan structure and security of the collateral, and secured highly competitive loan terms to facilitate and consummate the bridge loan transaction.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $30 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 4.99% 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.