Beverly Hills, CA — August 6, 2024 — BridgeCore Capital, Inc. today announced it has closed a cash-out refinance of a residential rental property located in Santa Barbara, CA.
The borrower needed the cash-out funds quickly to provide working capital for an oil and gas business as a bridge before corporate financing is secured.
The nature of the collateral — a mobile home — created a legal complexity with this of this loan transaction, which had to be structured utilizing the mobile home as chattel, as well as securing the leasehold interest of the mobile home space, wherein most of the value resides. This required BridgeCore to develop a new, unique set of loan documents to address this unique collateral and to determine a practical way for the mobile home park owner to agree to the firm’s legal requirements for securing the leasehold interest in the mobile home space.
BridgeCore met the challenge and employed its precedent-setting fixed-rate program to ensure that the borrower would not incur any interest rate risk in today’s inflationary and rapidly changing rate environment.
BridgeCore harnessed its comprehensive resources and experience to solve a critical timing issue, to address last-minute title matters, and to provide highly competitive 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 $5M to $30M+.
For more information, visit bridgecorecapital.com.
Company Contact:
Elliot Shirwo
BridgeCore Capital, Inc.
424-777-0063
elliot@bridgecorecapital.com
Media Contact:
Roger Pondel
PondelWilkinson Inc.
310-279-5965
rpondel@pondel.com