Bridge Loan for 50-Unit Multifamily Property in Los Angeles, California

Funded by BridgeCore Capital, Inc.

$10,900,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

01/31/2020

Property Type
Multifamily
Property City

Los Angeles

Property State

CA

Loan Term (months)

18

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

74%

Exit Strategy

Refinance

Interest Rate

7.99%

Deal Highlights

4.99% pay rate with 3.00% accruing without compounding interest.
Borrower is now able to season the property with BridgeCore’s market-level loan.

Deal Summary

BridgeCore Capital, a direct private lender in Beverly Hills, provided a $10,900,000 1st lien position refinance bridge loan to cash out equity on a 50-unit apartment complex in Los Angeles, CA. 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 the 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.

Funded By

BridgeCore Capital, Inc.

5.99% Pay Rate Loans for Commercial Real Estate Nationwide