Beverly Hills, CA — January 10, 2024 — BridgeCore Capital, Inc. today announced the first financing under its new Middle Market Loan Program in the last week of December of 2023. BridgeCore’s Middle Market Loan Program was launched in the Fall of 2023 as an alternative to traditional LifeCo financing.
In its initial financing under BridgeCore’s new program, the borrower required an expedient refinance of $12,800,000 on a single-tenant industrial property located in Henderson, Colorado, prior to year-end, due to a maturing bank loan. The borrower also sought cash-out proceeds for repatriation of capital, which was available with the 64% LTV refinance.
“Our Middle Market Loan Program addresses the current ’bridge-to-normal’ environment,” said Elliot Shirwo, BridgeCore’s founder and principal. “In today’s unsettled rate environment, borrowers are seeking more flexibility in loan structure to allow them to refinance into long-term permanent financing in a few years, when rates will have declined, or to sell when cap rates have compressed.
“The flexibility of our 18-month yield maintenance loan fits squarely with the borrower’s exit strategy to sell the property over the next two years. Our borrower also benefited from the program’s other attractive value propositions, such as its competitive fixed-rate pricing and being non-recourse,” added Shirwo.
BridgeCore’s coordinated and concentrated efforts with the borrower’s multiple advisers, including the mortgage adviser, accountant, finance and tax counsel, tenant’s staff, and owner’s representatives, helped to expedite and ensure a year-end closing.
BridgeCore harnessed its comprehensive resources and experience to solve the borrower’s critical timing requirement, to manage the multiple stakeholders in the transaction, and to secure highly competitive and creatively structured loan terms.
About BridgeCore Capital
BridgeCore provides bridge loans on commercial and non-owner occupied residential real estate in the U.S., including origination of senior and junior debt and purchase of non-performing loans secured by first trust deeds. Additionally, borrowers throughout the nation can take advantage of BridgeCore’s newly launched “Middle Market Loan Program,” which is an alternative to traditional LifeCo financing. This program provides borrowers with flexible pre-pay, interest only, non-recourse, and fixed-rate financing with 2-to 5-year terms for loan sizes ranging from $10M to $30M+.
For more information, visit bridgecorecapital.com.