Beverly Hills, CA — May 17, 2023 — BridgeCore Capital, Inc. today announced it has closed a loan in the amount of $1,170,000 on a former vacant bank branch located in Daytona Beach, Florida.
Purchased through a 1031 exchange, the property now houses the borrower’s corporate headquarters, a nationwide franchiser of daycare centers.
“Given the borrower’s time sensitivity, we closed the loan within 10 business days after BridgeCore’s term sheet was signed,” said Elliot Shirwo, BridgeCore Capital’s founder and principal. “An immediate cash-out refinance was required to support its operations, while we utilized our fixed-rate program so the borrower would not incur any risk in today’s rapidly changing interest rate environment.”
BridgeCore’s comprehensive resources and experience helped solve the borrower’s critical timing challenges, while also securing highly competitive loan terms that enable the client to better execute on immediate operational priorities.
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 the 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 7.99% 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.
BridgeCore Capital, Inc.