Los Angeles, CA

$2,100,000

Multifamily

Purchase

05/28/2021
Transaction by
BridgeCore Capital, Inc.
The borrower required a non-recourse bridge loan to finance the acquisition of a 9-unit multifamily property in the Mar Vista neighborhood of Los Angeles. 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 significantly reduced the loan costs, providing the borrower with the debt service relief needed before stabilizing the property. The 18-month term, including one six-month extension option, with interest and capital improvement reserves, is providing the borrower the necessary time and capital to renovate and leaseup the three vacant units at market rent, retrofit the building and position the property for an eventual exit with conventional financing.