BridgeCore Capital Closes $1 Million Loan on Apartment Complex in Dallas, TX
Beverly Hills, CA - (NewMediaWire) - February 09, 2021 - BridgeCore Capital, Inc. today announced it has closed a $1 million loan on a 34-unit garden style apartment complex in Dallas, Texas.
The borrower required a non-recourse bridge loan to cash out and reposition the property, which is currently 62% occupied.
The borrower, an experienced real estate investor, required a bridge loan to complete the renovation of 12 units and make other capital improvements, pay off unsecured indebtedness, and fund an interest reserve for the entire loan term.
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, affording the borrower with the debt service relief needed before stabilizing the property.
The 18-month term, including one six-month extension option with an interest reserve, is providing the borrower the necessary time to execute the renovation and lease-up strategy and position the property for an exit with a Freddie Mac small balance loan and an eventual sale.
BridgeCore employed its decades of experience and innovative strategies, solving the borrower’s array of unique property related challenges and securing highly competitive loan terms to facilitate and consummate the transaction.
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
Roger Pondel, PondelWilkinson Inc.