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Press Release - MINING.COM

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BridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex

BridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex
January 06, 2021 13:00 ET
| Source:
BridgeCore Capital, Inc.
BridgeCore Capital, Inc.
Beverly Hills, California, UNITED STATES
BEVERLY HILLS, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) BridgeCore Capital, Inc. today announced it has closed a $5.1 million loan on a 52-unit apartment complex in Stockton, California.
The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt.
BridgeCore’s pay-rate bridge product provided the borrower with a 5.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure significantly reduced loan c ....

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