Beverly Hills, CA June 22, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – BridgeCore Capital, Inc. today announced the closure of a $ 2.4 million loan for a residential complex in Oakland, California.
Re-borrower BridgeCore required a non-recourse bridge loan to refinance a 20-unit apartment complex located in East Auckland.
During the pandemic, occupancy of the facility dropped significantly and several liens emerged. To pay off the outstanding debt, the borrower required a quick repayment and a new second trust deed.
The industry-leading intermediate product BridgeCore provided the borrower with a repayment rate of 6.00% over the life of the loan, and the remaining interest accounted for non-compounding loan repayments.
The wage rate structure has significantly reduced the cost of the loan and provided the borrower with the opportunity to reinvest current income earned from the property in the renovation of vacant apartments as well as other capital improvements.
BridgeCore’s 12-month term, including one six-month extension option, gives the borrower the time it needs to implement an exit-through-sale strategy.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from US $ 1 million to US $ 30 million for commercial real estate in the leading US markets, including the provision of principal and the purchase of non-performing loans secured by first trust deeds. In addition, borrowers across the country can take advantage of BridgeCore’s unique Pay-Rate Protection product, which reduces monthly payments to 4.99% per annum (Pay-Rate) for the entire loan term, and the remaining interest is deferred until the loan is repaid without accrual percent. For more information visit www.bridgecorecapital.com…
For more information contact:
Elliot Shirvo, BridgeCore Capital
Roger Pondel, PondelWilkinson Inc.