Los Angeles, CA

$10,900,000

Multifamily

Refinance

01/31/2020
Transaction by
BridgeCore Capital, Inc.
BridgeCore Capital, a direct private lender in Beverly Hills, provided a refinance bridge loan to cash out equity on a 50-unit apartment complex in Los Angeles. The Borrower needed the funds to invest in a business and also reposition the subject property with capital improvements and unit renovations. The property is in a great location, but the rents were below market. Given the need for certainty of execution and superior bridge pricing, the borrower sought BridgeCore’s unique Pay-Rate solution of a 4.99% current pay-rate on a 7.99% total interest rate during the loan term, with 3.00% accruing without compounding interest. Since BridgeCore underwrote on current value rather than the property’s previous below market purchase price, the borrower is now able to season the property with BridgeCore’s market level loan, allowing it to be repositioned for refinancing after stabilization at the maturity of BridgeCore’s 18-month term. The loan-to-value was 74%. This bridge loan was funded in January 2020.