Beverly Hills, CA — January 6, 2021 — BridgeCore Capital, Inc. today announced it has closed a $5.1 million loan on a 52-unit apartment complex in Stockton, California.
The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt.
BridgeCore’s pay-rate bridge product provided the borrower with a 5.50% 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 loan costs and afforded the borrower with additional cash flow to invest in other value-add opportunities. BridgeCore also assisted in sourcing a new second trust deed lender to relieve the financial burden of high-cost, subordinate debt that was previously in place.
BridgeCore’s 12-month term, including one six-month extension option, is providing the borrower the necessary time, either to execute an exit strategy through a sale, or to refinance through a conventional lender for long-term financing if a sale is not consummated.
BridgeCore employed its decades of experience and innovative strategies, solving an array of complex financing challenges for the borrower and securing highly competitive loan terms.
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 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.