Beverly Hills, CA — April 20, 2022 — BridgeCore Capital, Inc. today announced it has closed a $3.5 million bridge loan on a private school in Scottsdale, Arizona.
The borrower required a bridge loan in connection with a 1031 Exchange to finance the replacement property purchase of a private school in Scottsdale, AZ, that is part of an internationally recognized network of private schools.
BridgeCore quickly executed the funding of this $3.5 million loan in order to meet the sensitive timing requirements under 1031 Exchange rules and the purchase contract of this specialty-use property.
The 12-month term with 4 months of yield maintenance is allowing the borrower the time needed for the mortgage adviser to secure conventional take-out financing.
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 to help consummate the borrower’s 1031 Exchange 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 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.