Home youth program budget BridgeCore Capital closes $ 12.45 million mall loan in Atwater, California.

BridgeCore Capital closes $ 12.45 million mall loan in Atwater, California.

0

Beverly Hills, Calif., July 14, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – BridgeCore Capital, Inc. today announced that it has entered into a $ 12.45 million mall loan in Atwater, California.

The BridgeCore borrower needed a bridging loan to acquire a grocery store and a shopping center that was 100% anchored in a pharmacy. However, the borrower was unable to secure traditional financing as conventional lenders would not provide the flexibility required to allow the sale of individual plots of the property during the term of the loan.

BridgeCore has been able to provide the necessary flexibility, allowing the borrower to execute their business plan. BridgeCore provided a competitive interest rate of 6.90%, with a term of 24 months, including two six-month extension options.

Today’s favorable loan terms allow the borrower time to sell individual plots, reduce the loan principal balance, and possibly refinance with conventional financing on the remaining plots.

BridgeCore has used its decades of experience and innovative strategies, solving the range of challenges in borrower transactions involving loan structure and collateral security, and securing highly competitive loan terms to facilitate and conduct complete the bridge loan transaction.

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:

Elliot Shirwo, BridgeCore Capital

310-426-8751, [email protected]

Media, Contact:

Roger Pondel, PondelWilkinson Inc.

310-279-5965, [email protected]