Texas Bridge Lenders for Commercial Real Estate

BridgeCore Capital, a direct CRE private lending firm, funded a $1.34M non-recourse bridge loan to purchase a single-tenant retail property located in Fort Worth, Texas. The property was occupied by Family Dollar. BridgeCore’s industry-leading pay-rate bridge product provided the Borrower with a 7.00% pay rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. Due to the REIT structure of the borrowing entity, conventional financing could not be secured in a timely manner for the purchase. With limited time to close, and given the constraints of the former lender, BridgeCore was able to quickly fund the purchase with the existing borrowing entity structure. BridgeCore’s 12-month term, including one six-month extension option, is now providing the Borrower the necessary time to pursue and execute an ultimate exit strategy with conventional financing. This CRE bridge loan was funded in July 2021.

Wilshire Finance Partners, a private debt fund, funded a $2,631,000 1st lien position equity cash-out loan secured by a senior assisted living facility in Georgetown, TX. The Borrower is a decorated Marine pilot and second-generation operator demonstrating pride of ownership and strong operating history for 2 facilities that were doing very well. Both had a waiting list for additional residents. He wanted to cash out some equity in order to build out 2 additional wings on each property. The expansion plan included new residence quarters, a beauty salon, and recreational areas. Wilshire structured a cross-collateralized refinance to provide the funds needed. By combining the construction on both facilities, the Sponsor was able to achieve significant cost savings through his general contractor. The loan-to-value was 43%, and the loan term was 24 months. This equity cash-out loan was funded in September 2019.

Avatar Financial Group, a direct private money lending firm, funded a $3,400,000 1st lien position refinance bridge loan secured by a 79-unit apartment building in Baytown, TX. The Sponsor purchased this multifamily property as part of a distressed sale in 2012. Since the purchase, the Borrower has invested in substantial capital improvements, successfully stabilizing the property along the way. Avatar was asked and was able to refinance the existing debt and provide cash out to the Borrower to use for another investment opportunity. Our interest rate was 9% for a 12-month term and loan-to-value of 74%. The deal was brought to us by a mortgage broker to whom we paid a commission of $17,000. This CRE bridge loan was funded in July 2019.

Ontario Wealth Management Corporation, a direct private mortgage lender, funded a $3,000,00 1st lien position bridge loan secured by a commercial plaza located in Tomball, TX. The Borrower needed to cash out equity on the property to use for the acquisition of inventory for their business. The property is a 23,000-square-foot newly built commercial retail plaza 35 miles north of Downtown Houston. Although the property had a good amount of equity, the Borrower pledged an additional property to maximize the loan amount. The property that we cross-collateralized is a 1,200-square-foot residential condominium unit in Midtown Manhattan, NY. This CRE equity cash out loan was funded in April 2019.