Beverly Hills, CA — May 4, 2023 — BridgeCore Capital, Inc. today announced it has closed a loan in the amount of $1,200,000 on a portfolio of single-family homes in Garden Grove, California.
BridgeCore’s borrower required bridge financing to refinance a portfolio of single-family homes that are part of a nonprofit, senior living community in Garden Grove, California.
The homes are used as living spaces for hospice care and residential rentals for relatives of members of the community.
The senior living community needed the cash-out bridge loan in order to support its operations until funding is issued through a government grant.
BridgeCore employed its precedent-setting fixed-rate program so the borrowers would not incur any interest rate risk in an increasingly inflationary and changing rate environment.
BridgeCore employed its comprehensive resources and experience, solving the borrower’s critical timing challenge, structuring the loan for a nonprofit organization that does not have any individuals to agree to a recourse guarantee, and securing highly competitive loan terms to expedite the process and help this nonprofit execute its 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.