Refinance Bridge Loan for Industrial Property in Hollywood, California

Funded by BridgeCore Capital, Inc.

$5,500,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

02/21/2020

Property Type
Industrial
Property City

Hollywood

Property State

CA

Loan Term (months)

24

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

67%

Exit Strategy

Conventional Loan

Interest Rate

8.375%

Deal Highlights

Borrower was not able to secure the required amount of loan proceeds from other lenders.
BridgeCore performed seamlessly and quickly to meet the previous lender’s pay-off deadline.
24-month term including one 6-month extension option.
Highly competitive loan terms with comprehensive market & property underwriting.

Deal Summary

BridgeCore Capital, a direct private lender in Beverly Hills, provided a $5,500,000 1st lien position refinance bridge loan secured by a creative industrial property and production offices in the heart of the Hollywood Media District, CA. The loan proceeds were needed to refinance two existing loans on the property and a significant equity cash-out was required to expand the Borrower’s business. Although the Borrower was not able to secure the required amount of loan proceeds from other lenders, BridgeCore performed seamlessly and quickly to meet the previous lender’s pay-off deadline. BridgeCore’s 24-month term, including one 6-month extension option, places the Borrower in an optimum position for either a sale or refinance with a conventional lender. BridgeCore’s terms aligned with the Borrower’s economic requirements, providing for a 10-month, pre-paid interest reserve from loan proceeds and an interest rate of 8.375%. BridgeCore employed its decades of experience to solve the Borrower’s array of challenges, securing highly competitive loan terms, providing comprehensive market and property underwriting to determine current value, and efficiently navigating through the complexities of the borrowing entity. The loan-to-value was 67%. This bridge loan was funded in February 2020.

Funded By

BridgeCore Capital, Inc.

5.99% Pay Rate Loans for Commercial Real Estate Nationwide