BridgeCore Capital Secures Funding for Urban Apartment Renovation
BridgeCore Capital's Strategic Financing Initiative
BridgeCore Capital, Inc. has successfully finalized a significant refinancing deal amounting to $6.5 million for a 36-unit apartment complex situated at the nexus of Koreatown and MacArthur Park. This initiative is not just a transaction; it's a lifeline that paves the way for substantial improvements and continued viability of urban housing.
Understanding the Refinance Need
The primary motivation behind this refinancing was to address a matured loan and outstanding property taxes. BridgeCore recognized the financial pressures the borrower was facing and structured the loan with a six-month prepaid interest reserve. This essential component was designed to bridge the gap between the property’s net operating income and the debt service obligations, ultimately averting the risk of payment default for the borrower during the loan duration.
Cross-Collateralization Benefits
To bolster the financial support, BridgeCore also increased the loan proceeds by $100,000. This step was meticulously calculated and involved cross-collateralizing a subordinate lien on a non-owner-occupied single-family home located in Hesperia. Such strategic maneuvering ensures the borrower has the necessary cash flow to fulfill immediate financial requirements.
Exit Strategies for Borrowers
The borrower plans to navigate their financial future by either refinancing through a traditional loan or possibly selling the property within the coming year. This flexibility is crucial, particularly as market dynamics continue to shift.
Efficient Coordination and Execution
BridgeCore's efficiency is showcased through its seamless coordination with a top-notch mortgage advisory team and title company to expedite the transaction process. Their collective effort allowed the borrower to successfully avoid a potential foreclosure caused by previous lending hurdles.
Providing Comprehensive Solutions
BridgeCore Capital stands out by leveraging its extensive resources and experience to offer competitive loan terms. This not only demonstrates their commitment to borrower support but also highlights their adeptness at managing time-sensitive challenges in real estate financing.
About BridgeCore Capital
Specializing in bridge loans for commercial and non-owner-occupied residential properties, BridgeCore offers a range of services that include the origination of senior and junior debt, as well as the acquisition of non-performing loans secured by first trust deeds. Their 'Middle Market Loan Program' is a particularly attractive alternative, providing borrowers with flexible pre-payment options, interest-only terms, non-recourse financing, and fixed rates with terms spanning 2 to 5 years, accommodating loans sized between $10 million and above $30 million.
Contact Information for Inquiries
For additional insights or inquiries, reach out to Elliot Shirwo at BridgeCore Capital, reachable at 424-777-0063 or via email at elliot@bridgecorecapital.com. For media-related inquiries, Roger Pondel from PondelWilkinson Inc. is available at 310-279-5965 or rpondel@pondel.com.
Frequently Asked Questions
What type of properties does BridgeCore Capital finance?
BridgeCore Capital finances commercial and non-owner-occupied residential properties, providing versatile loan options.
What was the purpose of the recent $6.5 million refinance?
The refinance aimed to pay off a matured loan and outstanding property taxes, ensuring financial stability for the borrower.
How does BridgeCore support borrowers facing payment defaults?
BridgeCore provides financial structures like prepaid interest reserves to help borrowers manage their cash flow and avoid defaults.
What options do borrowers have following refinancing?
Post-refinancing, borrowers can either seek traditional refinancing or opt to sell the property within a set timeframe.
Who can I contact for more information about BridgeCore Capital?
For inquiries regarding BridgeCore Capital, contact Elliot Shirwo or Roger Pondel for media relations to gain insights or assistance with financing needs.
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