Curated News
By: NewsRamp Editorial Staff
September 18, 2024

BridgeCore Capital, Inc. Closes $6.5M Refinance of Los Angeles Apartment Building

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Source News Release

TLDR

  • BridgeCore Capital closed a $6,500,000 refinance to avoid payment default and increase loan proceeds.
  • The loan was structured with a six-month prepaid interest reserve to cover the shortfall and avoid payment default.
  • BridgeCore's comprehensive resources and experience provided highly competitive loan terms to solve the borrower’s critical timing challenge.
  • The borrower’s exit strategy is to either refinance with a conventional loan, or sell the property within the next 12 months.

Impact - Why it Matters

This news matters as it highlights the role of BridgeCore Capital, Inc. in providing critical financing solutions for real estate borrowers, as well as their ability to coordinate complex transactions and provide competitive loan terms. Additionally, the company's Middle Market Loan Program offers a flexible alternative to traditional financing for borrowers throughout the nation, impacting the real estate market and potential investors.

Summary

BridgeCore Capital, Inc. has closed a $6,500,000 refinance of a 36-unit apartment building in Los Angeles, providing the borrower with funds to refinance a matured loan and pay outstanding property taxes. The company structured the loan with a six-month prepaid interest reserve and increased the loan proceeds by $100,000 in exchange for cross-collateralizing a subordinate lien position on a non-owner-occupied single family home. BridgeCore's coordinated transaction process and comprehensive resources enabled the borrower to avoid foreclosure by the prior lender. The company provides bridge loans on commercial and non-owner occupied residential real estate in the U.S., as well as a Middle Market Loan Program as an alternative to traditional lifeco financing.

Source Statement

This curated news summary relied on this press release disributed by NewMediaWire. Read the source press release here, BridgeCore Capital, Inc. Closes $6.5M Refinance of Los Angeles Apartment Building

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