Refinance Bridge Loan for San Bernardino County Industrial Property in Chino, California

BridgeCore Capital, a direct private lender in LA, funded a non-recourse bridge loan to refinance an industrial building in a prime, industrial sub-market of Chino, San Bernardino County, California. The property comprises 76,421 gross square feet and is owner-occupied by a multi-generational, luxury furniture-manufacturing family.

The Borrower required a bridge loan to refinance a maturing loan and to fund a partnership buy-out. Both transactions had a March 31, 2021 deadline. BridgeCore funded the loan within four business days from the signing of the term sheet, allowing the Borrower to avoid default with the former lender and circumvent having to accept a “take-it-or-lose it” partnership buy-out.

BridgeCore’s industry-leading pay-rate bridge product provided the Borrower with a 6.50% pay rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure permitted the Borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buy-out. This Industrial bridge loan was funded in March 2021.