BridgeCore Capital Closes $2.639 Million Loan on Barnes & Noble Property in Medford, Oregon
BEVERLY HILLS, CA - (NewMediaWire) - June 29, 2022 - BridgeCore Capital, Inc. today announced it has closed a $2.639 million bridge loan on a Barnes & Noble property in Medford, Oregon.
The borrower needed a quick-closing bridge loan to finance a time-sensitive purchase of a 1031 Exchange replacement. BridgeCore rescued the deal without requiring an appraisal report, after a credit union decided not to move forward because of global cash flow issues, despite the borrower’s significant liquidity and net worth.
BridgeCore’s unique, industry-leading pay-rate bridge product is now providing the borrower with a low pay-rate of 7.00% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest. The 12-month term is allowing the borrower the necessary time to execute an exit strategy and refinance with a conventional loan.
BridgeCore’s precedent-setting fixed-rate program for all small-balance bridge loans on retail properties provides borrowers with no interest rate risk in an increasingly inflationary environment.
BridgeCore employed its comprehensive resources and experience, solving the borrower’s critical timing challenge and securing highly competitive loan terms to expedite the process and help consummate the borrower’s 1031 Exchange investment opportunity.
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 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 5.99% 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.
Elliot Shirwo, BridgeCore Capital
Roger Pondel, PondelWilkinson Inc.