Beverly Hills, CA, June 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BridgeCore Capital, Inc. today announced it has closed a $2.4 million loan on an apartment complex in Oakland, California.
A repeat borrower of BridgeCore required a non-recourse bridge loan to refinance an apartment complex consisting of 20 units, located in East Oakland.
The property experienced a significant drop in occupancy during the pandemic, and multiple liens matured. The borrower required a swift pay-off and a new second trust deed to satisfy outstanding debt.
BridgeCore’s industry-leading pay-rate bridge product provided the borrower with a 6.00% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest.
The pay-rate structure significantly reduced loan costs and afforded the borrower the opportunity to reinvest current income generated by the property for renovation of the vacant units, along with other capital improvements.
BridgeCore’s 12-month term, including one six-month extension option, is providing the borrower the necessary time to execute an exit strategy through a sale.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $30 million on commercial real estate in prime U.S. markets, including 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 4.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest. For more information, visit www.bridgecorecapital.com.
For More Information, Contact:
Elliot Shirwo, BridgeCore Capital
310-426-8751, elliot@bridgecorecapital.com
Media, Contact:
Roger Pondel, PondelWilkinson Inc.
310-279-5965, rpondel@pondel.com