Refinance Bridge Loan for 20-Unit Apartment Complex in Oakland, California

BridgeCore Capital, a direct private lending firm based in Southern California, funded a non-recourse bridge loan to refinance an apartment complex consisting of 20 units, located in East Oakland, CA. The property experienced a significant drop in occupancy during the pandemic, and multiple liens on the property matured. The Borrower, a repeat client, required a swift pay-off and a new second trust deed in order to satisfy the outstanding debt. BridgeCore’s industry-leading pay-rate bridge product provided the Borrower with a 6.00% 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 loan costs and afforded the Borrower the opportunity to reinvest current income generated by the property for the renovation of the vacant units and other capital improvements. The 12-month loan term, including one six-month extension option, provided the Borrower the necessary time to execute an exit strategy through a sale of the property. This CRE bridge loan was funded in June 2021.