BridgeCore Refinances Two Subway Properties in Connecticut
BEVERLY HILLS, CA - (NewMediaWire) - February 27, 2023 - BridgeCore Capital, Inc. today announced it has closed two short-term loans totaling approximately $1,250,000 on two Subway properties in Connecticut.
BridgeCore’s borrowers required the bridge loans to refinance and cash-out on a multi-tenant retail property and a mixed-use property, each occupied by a third-party Subway franchisee, located in Torrington and Milford, Connecticut, respectively.
The borrowers, who are highly experienced Subway franchisees for more than 50 years, needed the cash-out proceeds to settle an agreement with Subway Corporate for covering lease payments during the pandemic under the Project Service program in the state of Connecticut and for receiving substantial royalty concessions.
“If the payments were not made within ten business days of the borrowers’ signing BridgeCore’s term sheet, the agreement would become null and void,” said Elliot Shirwo, founder and principal of BridgeCore Capital. “We were able to fund and close the bridge loan in seven business days.”
“We were able to employ our precedent-setting fixed-rate program so our client borrowers would not incur any interest rate risk in today’s increasingly inflationary and changing rate environment. In addition to the quick execution, which allowed the borrowers to make their payment to Subway Corporate, BridgeCore’s loan gave the borrowers’ bank the needed time to complete the loan process for a conventional refinance,” Shirwo added.
BridgeCore employed its comprehensive resources and experience, solving the borrowers’ critical timing challenge, and securing highly competitive loan terms to expedite the process and help consummate the pressing financing need.
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.
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