Beverly Hills, Calif., December 15, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – BridgeCore Capital, Inc. today announced that it has entered into a $ 1 million short-term industrial property loan in Provo, Utah.
BridgeCore’s borrower needed a bridging loan to acquire vacant industrial property in Provo, Utah, comprising an industrial warehouse and creative office building, located in an area of ââopportunity.
The borrower’s business will occupy the property to manufacture affordable and sustainable modular housing built from shipping containers. Originally built in 1916, the property had a complex environmental history which was addressed by BridgeCore, which made it easier to obtain environmental insurance.
The borrower will repay the 12 month loan from funds raised under their Opportunity Zone fund.
BridgeCore used its decades of experience and innovative strategies, solving a complex environmental history of the property, executing the requirement of closing and securing very competitive loan terms to facilitate and finalize the 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]
Roger Pondel, PondelWilkinson Inc.
310-279-5965, [email protected]