BEVERLY HILLS, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) – BridgeCore Capital, Inc. today announced that it has entered into a $ 1.53 million loan for a new 12-unit apartment complex in Fort Worth, Texas.
The borrower needed a non-recourse bridging loan to refinance the building, which is located in a gentrifying area of Fort Worth. The building comprises 16,859 gross square feet, including 450 square feet of office space on the ground floor.
BridgeCore’s industry-leading pay rate bridging product provided the borrower with a 5.00% pay rate over the life of the loan, with the remaining interest accruing upon repayment of the loan with no compound interest. The interest rate structure has significantly reduced loan costs, providing the borrower with the debt service relief needed before the property is stabilized.
The 18-month term, including a six-month extension option, with prepaid interest and an interest reserve, gives the borrower time to execute the rental strategy and position the property for possible exit with permanent funding.
BridgeCore has used its decades of experience and innovative strategies, solving the range of borrower’s unique transactional and real estate challenges and securing highly competitive loan terms to facilitate and consume refinancing.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $ 1 million to $ 30 million on commercial real estate in major US markets, including the origination of senior debt and the purchase of non-performing loans guaranteed by First class trust deeds. Plus, borrowers across the country can take advantage of BridgeCore’s unique Pay-Rate Protection product, which reduces monthly payments by up to 4.99% per annum (“Pay-Rate”) over the life of the loan. , deferring the remaining interest until repayment of the loan, without compound interest. For more information visit www.bridgecorecapital.com.
|For more information, contact:||Media, Contact:|
|Elliot Shirwo, BridgeCore Capital||Roger Pondel, PondelWilkinson Inc.|
|310-426-8751, [email protected]||310-279-5965, [email protected]|