Hollywood, CA

$5,500,000

Industrial

Refinance

02/21/2020
Transaction by
BridgeCore Capital, Inc.
BridgeCore Capital, a direct private lender in Beverly Hills, provided a refinance bridge loan secured by a creative industrial property and production offices in the heart of the Hollywood Media District. 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 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.