Beverly Hills, CA — June 2, 2022 — BridgeCore Capital, Inc. today announced it has closed a $2.0 million bridge loan on a Family Dollar-anchored retail center in Escondido, California.
BridgeCore’s borrower required the bridge loan to refinance an existing, matured loan and to obtain cash out funds to resolve a mechanic’s lien, pay-off delinquent property taxes, and cover upgrades and renovations to two of the in-line units.
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. BridgeCore’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy to sell the property.
BridgeCore employed its decades of experience, creativity, and flexibility, solving the borrower’s legal and financial challenges, and securing highly competitive loan terms to expedite the process and help the borrower add value to the property for its eventual sale.
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.