Beverly Hills, CA — March 15, 2023 — BridgeCore Capital, Inc. today announced it has closed a loan on a Golden Corral property in Omaha, Nebraska.
BridgeCore’s borrower required non-recourse bridge financing to pay-off an existing bank obligation on a single-tenant retail property occupied by a Golden Corral restaurant in Omaha, Nebraska.
In order to provide the borrower with the needed proceeds for the refinance, BridgeCore cross-collateralized a 5-unit apartment complex in Glendale, California.
“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,” said Elliot Shirwo, BridgeCore Capital’s founder and principal. “The 18-month term, with a six-month extension, is providing the borrower with needed time to “bridge-to-normal” conventional rate financing.”
BridgeCore employed its comprehensive resources and experience, solving the borrower’s time challenge to refinance before incurring additional costs with the bank, and securing highly competitive loan terms to expedite the process and help consummate the borrower’s pressing financing need.
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.