Beverly Hills, CA — September 20, 2022 — BridgeCore Capital, Inc. today announced it has closed a $1,200,000 bridge loan to refinance a rental condo in Santa Monica, California.
BridgeCore provided a foreign national borrower from Australia with a cash out solution to use 100% of the loan proceeds to purchase a cattle ranch in Texas.
BridgeCore’s industry-leading pay-rate bridge product is providing the borrower with a low pay-rate of 8.25% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest.
BridgeCore also applied its precedent-setting fixed-rate, small balance loan program so the borrower would not incur any interest rate risk in an increasingly inflationary and changing rate environment.
BridgeCore employed its comprehensive resources and experience, solving the borrower’s critical timing challenge and securing highly competitive loan terms to expedite the process and help consummate the borrower’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 6.99% 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.