Beverly Hills, CA — April 14, 2021 — BridgeCore Capital, Inc. today announced it has closed a $8.25 million loan on an industrial building in Chino, California.
Situated in a prime industrial location, the property comprises 76,421 of gross square feet. It is owner-occupied by a multi-generational family in the luxury furniture-manufacturing business.
The borrower required a non-recourse bridge loan to refinance a maturing loan and to fund a partnership buy-out. Both transactions had a March 31, 2021 deadline, and BridgeCore funded the loan within four business days from the signing of the term-sheet. The funding allowed the borrower to avoid default with the former lender and to consummate the partnership buy-out.
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. The pay-rate structure permitted the borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buy-out.
BridgeCore employed its decades of experience and innovative strategies, solving an array of complex, transactional requirements relating to concurrent escrow closings, executing on the exigency of the closing, and securing highly competitive loan terms to facilitate and consummate the loan.
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 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.