Beverly Hills, Calif., September 5, 2018—BridgeCore Capital, Inc. today announced it has commenced operations, offering an innovative approach to providing private bridge financing for commercial and non-owner-occupied residential properties throughout California.
“BridgeCore is introducing a uniquely positioned ‘pay rate’ lending product, which is highly cost effective for borrowers seeking interim financing,” said founder and principal Elliot Shirwo, who brings more than two decades of relevant experience to the new organization. “We believe it is game-changing for our industry and signifies a significant competitive advantage for BridgeCore and the mortgage brokers seeking industry-leading debt solutions on behalf of their borrowing clients.
“Our attractive pay rate offering reduces a borrower’s monthly interest payment to a current rate of 4.99% per annum for the entire loan term, deferring the remaining interest payment until loan pay-off,” Shirwo said. “The program provides borrowers with a preemptive cash management strategy, allowing cost savings and payment flexibility. It reduces monthly debt service obligations, avoids additional costs by not compounding interest on the remaining accrued interest and helps increase the borrower’s liquidity for reinvestment in the underlying collateral, investment in other opportunities, and/or enhancement of the borrower’s financial condition to secure traditional take-out financing.”
BridgeCore provides non-recourse short term loans of up to $7.5 million, with loan-to-value ratios not exceeding 65%, and without prepayment penalties. BridgeCore maintains a close relationship with its borrowers throughout the loan servicing process, simplifying communications and addressing issues directly, to provide exemplary customer service. Transactions can be completed in as few as seven business days, with funding provided by a well-capitalized investor base.
“We believe our approach is disruptive in the private lending industry, benefitting borrowers and the brokers who serve them,” Shirwo said. “Our objective at BridgeCore is to mitigate risk for everyone involved in the lending relationship and provide distinct advantages that cannot be found elsewhere, enabling borrowers to successfully execute their business plans of acquiring, obtaining a cash-out refinance or a straight refinance with peace of mind.”
Prior to forming BridgeCore, Shirwo oversaw the private mortgage lending business of a real estate investment firm for nearly a decade. He previously was general counsel and secretary of Peerless Systems Corporation, a publicly traded company, prior to which he was in a private legal practice, handling transactional and related matters in the real estate, insurance and intellectual property sectors.
About BridgeCore Capital
Founded in 2018, BridgeCore Capital is a direct private bridge lender providing short-term pay rate loans secured by first trust deeds on commercial and non-owner-occupied residential real estate in prime California markets. BridgeCore Capital is the home of “Pay Rate Protection,” which reduces borrowers’ monthly payment by paying only 4.99% per annum (“Pay Rate”) for the entire loan term and defers the remaining interest until loan pay-off. With a well-recognized and respected reputation in the commercial real estate industry, BridgeCore Capital has an established network of trusted mortgage broker relationships and a well-capitalized investor base. BridgeCore Capital is licensed by the California Department of Real Estate, Corporation License ID No. 02066006.
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BridgeCore Capital, Inc.