Beverly Hills, CA — June 2, 2021 — BridgeCore Capital, Inc. today announced it has closed a $2.1 million loan on a 9-unit multifamily complex in Los Angeles.
The borrower required a non-recourse bridge loan to finance the acquisition of a 9-unit multifamily property in the Mar Vista neighborhood of Los Angeles.
BridgeCore’s industry-leading pay-rate bridge product provided the borrower with a 6.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure significantly reduced the loan costs, providing the borrower with the debt service relief needed before stabilizing the property.
The 18-month term, including one six-month extension option, with interest and capital improvement reserves, is providing the borrower the necessary time and capital to renovate and lease-up the three vacant units at market rent, retrofit the building and position the property for an eventual exit with conventional financing.
BridgeCore employed its decades of experience and innovative strategies, solving the borrower’s array of property-related challenges, and secured highly competitive loan terms to facilitate and consummate the purchase.
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.