BridgeCore Capital Closes Loans on Two Portfolios of Single-Family Rentals in Millington, Tennessee
BEVERLY HILLS, CA - (NewMediaWire) - January 31, 2023 - BridgeCore Capital, Inc. today announced it has closed loans totaling approximately $2.30 million on two portfolios of single-family rentals that were part of a build-to-rent project in Millington, Tennessee.
The portfolios comprised a total of 21 homes in varying stages of completion, some of which did not yet have certificates of occupancy. The transactions involved two 1031 exchanges, executed by two borrowing entities that were limited partnerships, with an underlying trust as the authorized signatory.
“BridgeCore implemented its precedent-setting fixed-rate program so the borrowers would not incur any interest rate risk in today’s increasingly inflationary and rapidly changing rate environment,” said Elliot Shirwo, BridgeCore Capital’s founder and principal. “The 12-month term is now providing the borrowers with the needed time to lease approximately 86% of the vacant homes and to eventually exit with conventional financing.”
BridgeCore employed its comprehensive resources and experience, solving the borrowers’ critical timing challenges, while navigating through the complexity of the borrowing entity structures, and securing highly competitive loan terms to expedite the process and help consummate the borrowers’ investment opportunities.
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 7.99% 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.