February 27, 2020 Comments Off on BridgeCore Funds $11M for Apartment Upgrade/Cash Out Views: 300 California News, Los Angeles

BridgeCore Funds $11M for Apartment Upgrade/Cash Out

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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.

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