Chino, CA

$8,250,000

Industrial

Equity Cash Out

04/09/2021
Transaction by
BridgeCore Capital, Inc.
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 of 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.