Beverly Hills, CA — February 21, 2020—BridgeCore Capital, Inc. today announced that it has closed a $5.5 million loan on a creative industrial building in Hollywood.
The borrower required a refinance and significant cash-out bridge loan on the property and production offices in the heart of the Hollywood Media District. Proceeds were needed to refinance two existing loans on the property and to expand the borrower’s business.
“The borrower was not able to secure the required amount of loan proceeds from other lenders, and we were pleased to have performed quickly and seamlessly to help our client meet the previous lender’s pay-off deadline,” said Elliot Shirwo, BridgeCore Capital’s principal and founder.
BridgeCore’s 24-month term, including one 6-month extension option, places the borrower in an optimum position for either a sale or refinance with a conventional lender. BridgeCore’s terms aligned with the borrower’s economic requirements, providing for a 10-month, pre-paid interest reserve from loan proceeds and an interest rate of 8.375%.
BridgeCore employed its decades of experience to solve an array of challenges, securing highly competitive loan terms, providing comprehensive market and property underwriting to determine current value, and efficiently navigating through the complexities of the borrowing entity.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $15 million on commercial real estate in prime markets, including origination of senior and subordinated 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 borrowers’ monthly payments with a 4.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan payoff, without compounding interest.