BridgeCore Capital, Inc. has recently finalized a $6.5 million refinance deal for a 36-unit apartment building situated between Koreatown and MacArthur Park in Los Angeles. This transaction underscores the company's expertise in delivering customized financing solutions that address the nuanced needs of borrowers in challenging real estate situations.
The refinancing was initiated to settle a matured loan and outstanding property taxes, with BridgeCore introducing a six-month prepaid interest reserve to mitigate the gap between the property's net operating income and the required debt service. This innovative approach was aimed at averting potential defaults during the loan period, showcasing BridgeCore's strategic foresight.
Further demonstrating its adaptability, BridgeCore augmented the loan amount by $100,000 beyond the initial agreement, secured by a subordinate lien on a single-family home in Hesperia, California. This adjustment not only fulfilled the borrower's immediate financial needs but also adhered to prudent risk management practices.
The borrower plans to either refinance with a conventional loan or sell the property within the next year, a strategy that aligns with the short-term nature of bridge loans. BridgeCore's efficient collaboration with a mortgage advisory team and title company facilitated a rapid closing, crucial for preventing foreclosure by the previous lender and highlighting the critical role of speed in bridge lending.
This deal is a testament to BridgeCore's comprehensive bridge lending approach, combining competitive terms with the agility to meet specific borrower requirements. Specializing in commercial and non-owner occupied residential real estate across the U.S., BridgeCore offers a range of services, including senior and junior debt origination and a Middle Market Loan Program, providing alternatives to traditional financing with flexible terms.
The successful completion of this refinance deal not only reinforces BridgeCore's position as a key player in the bridge lending market but also illustrates the growing significance of specialized lenders in addressing the dynamic needs of the real estate sector. As the market evolves, the demand for quick, adaptable financing solutions like those offered by BridgeCore is expected to rise, offering vital support to property owners and investors in navigating complex financial landscapes.
