Central Valley Bridge Lenders for Commercial Real Estate
A list of bridge loan lenders for commercial real estate in California's Central Valley. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
BridgeCore Capital, a direct CRE bridge lender, funded a $12.45M bridge loan to acquire a retail shopping center in Atwater, California. The property was 100% occupied and anchored by national grocery and pharmacy tenants, but the borrower was unable to secure traditional financing since conventional lenders would not provide the flexibility required in the loan structure to allow for the sell-off of individual parcels of the property during the loan term. BridgeCore was able to provide the needed flexibility, enabling the borrower to execute its business plan. We provided a highly competitive interest rate of 6.90%, with a 24-month term, including two six-month extension options. The favorable terms are allowing the borrower the necessary time to sell-off individual parcels, reduce the principal loan balance, and eventually to refinance with conventional financing on any remaining parcels. This CRE bridge loan was funded in July 2021.
Non-Recourse Bridge Loan for Stockton Multifamily Property
In January 2021, BridgeCore Capital closed a $5,100,000 bridge loan secured by a 52-unit multifamily property in Stockton, California. The borrower recently renovated the entire apartment complex and required a refinance the previous senior and multiple junior liens which 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 costs and afforded the borrower with additional cash flow to invest in other value-add opportunities. BridgeCore also assisted in sourcing a new second trust deed lender to relieve the financial burden of the high-cost, subordinate debt that was previously in place. The loan term was set at 12 months and included one six-month extension option to provide the borrower the necessary time, either to execute an exit strategy through a sale, or to refinance through a conventional lender for long-term financing if a sale is not consummated.
Bridge Loan for Stockton Industrial Property 1031 Exchange Acquisition
Rubicon Mortgage Fund, a direct private lending firm based in Lafayette, funded a $1.25M bridge loan secured by an industrial property in Stockton, CA. The Borrower came to us through a mortgage broker the day in March 2020 that the 5 Bay Area Counties were announced Shelter in Place orders due to COVID-19. She had only 21 days to complete her 1031 exchange purchase of the subject property. Due to the escalating situation with the pandemic, her conventional lender had halted their process. The 18,754 square foot Industrial building is situated on a 10.10-acre parcel with a long-term national vehicle shipping and transport business as tenant. The purchase price of $5,000,000. Rubicon's 1st position private mortgage is a very conservative loan-to-value of just 25%, and the loan term was 6 months. With Rubicon’s expeditious, efficient in-house underwriting and quick adaptation to Shelter in Place, this loan closed in 17 days, as requested by the Borrower, closing 4 days prior to the 1031 exchange deadline in April 2020.