Beverly Hills, CA — September 6, 2022 — BridgeCore Capital, Inc. today announced it has closed a $2,300,000 bridge loan to refinance an 85%-occupied, value-add multifamily property in Saline, Michigan.
BridgeCore provided the borrower with a refinancing and cash out solution to address a maturing bank loan, an outstanding invoice with a contractor, and current and delinquent property taxes.
BridgeCore’s industry-leading pay-rate bridge product is providing the borrower with a low pay-rate of 7.25% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest.
The 12-month term and 4-month yield maintenance is allowing the borrower adequate time to complete improvements to the property, remedy collections, and increase occupancy in order to exit with agency financing.
BridgeCore employed its comprehensive resources and experience, securing highly competitive loan terms with BridgeCore’s precedent-setting, fixed-rate pricing to expedite the process and address the borrower’s time-sensitive 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 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.