Beverly Hills, CA — May 17, 2022 — BridgeCore Capital, Inc. today announced it has closed a $2.1 million bridge loan on a grocery-anchored property in Atwater, California.
BridgeCore’s repeat borrower required a non-recourse bridge loan to refinance an existing BridgeCore loan on the remaining parcels of a grocery-anchored retail center.
The borrower paid down its loan with BridgeCore to 22% LTV, from $12,750,000 to $1,300,000 within a year through the sale of a number of parcels on the subject property. BridgeCore arranged the refinance of its existing loan and cash out of approximately $800,000, allowing the borrower to utilize the additional funds for other investment opportunities.
In order to avoid having to pay additional interest costs on the existing loan, BridgeCore funded the new loan within two weeks, without requiring updated third-party reports.
BridgeCore exercised its most important business practice of placing relationships first in solving the borrower’s immediate capital needs and meeting critical timing concerns.
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.