BEVERLY HILLS, CA, June 29, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — BridgeCore Capital, Inc. today announced that it has closed a $2.639 million bridge loan on a Barnes & Noble property in Medford, Oregon.
The borrower needed a fast-closing bridge loan to fund the urgent purchase of a replacement 1031 Exchange. BridgeCore bailed out the deal without requiring a valuation report, after a credit union decided not to move forward due to global cash flow issues, despite the company’s significant cash and net worth. borrower.
BridgeCore’s unique and industry-leading pay rate bridge product now offers the borrower a low pay rate of 7.00% over the life of the loan to reduce total loan costs, interest remaining amounts to repayment of the loan without compound interest. The 12-month term gives the borrower time to execute an exit strategy and refinance with a conventional loan.
BridgeCore’s unprecedented fixed rate program for all low balance bridge loans on commercial properties provides borrowers with zero interest rate risk in an increasingly inflationary environment.
BridgeCore used its comprehensive resources and experience, solving the critical challenge of borrower timing and securing highly competitive loan terms to expedite the process and help realize 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 major U.S. markets, including senior debt origination and purchase of non-performing loans secured by primes trust deeds. Additionally, borrowers across the country can take advantage of BridgeCore’s unique Pay-Rate Protection product, which reduces monthly payments to 5.99% per annum (“Pay-Rate”) for the life of the loan, interest remaining until repayment of the loan, without compound interest.
For more information, visit www.bridgecorecapital.com.
Elliot Shirwo, BridgeCore Capital
310-426-8751, [email protected]
Roger Pondel, Pondel Wilkinson Inc.
310-279-5965, [email protected]