February 27, 2020
Beverly Hills-based BridgeCore Capital has funded a $10.9 million cash-out bridge loan for a West Los Angeles 50-unit apartment complex with below market rents. Proceeds were needed both to invest in a business and to reposition the property with capital improvements and unit renovations to bring the asset to market rates.
BridgeCore met both requirements with terms including a 4.99% current pay-rate on a 7.99% total interest rate during the loan term, with 3.00% accruing without compounding interest.
Further, BridgeCore underwrote on current value rather than the property’s previous below market purchase price, helping the borrower rehabilitate the property with BridgeCore’s market level loan, positioning the asset for refinancing after stabilization at the maturity of BridgeCore’s 18-month term.
Connect Los Angeles 2020 is coming up on March 26. It will bring together leading local, regional, and national developers, investors, owners, brokers, financiers and other major players for an afternoon of informative panel discussions, plus networking and cocktails. For more information, or to register, click here.
For comments, questions or concerns, please contact Chris Egger