Beverly Hills, CA — July 23, 2024 — BridgeCore Capital, Inc. today announced it has closed a cash-out refinance of two residential rentals and a commercial property located in Santa Barbara, CA.
The borrower needed the cash-out funds within four business days in order to consummate the purchase of a multifamily property in Lompoc, CA, since the seller refused to extend the purchase period due to an under-market purchase price and a resistant selling partner.
On the day of loan signing, it was discovered that the trust name of the borrowing entity was different from what was on the title. BridgeCore worked with the borrower and title company to address this issue simultaneous with loan signing by effectuating a quitclaim deed.
BridgeCore closed the transaction faster than any loan it has closed since its inception, in coordination with the mortgage advisor team, the borrower, and the title company, despite having to navigate the last-minute closing issue.
BridgeCore 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 challenge, addressing last minute title issues and providing 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