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4/17/24
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BridgeCore Capital Inc has launched a new bridge loan program to finance vacant 99 Cents Only Stores across the U.S. With the recent news that 99 Cents Only Stores is closing all of its 371 retail outlets, BridgeCore has expanded its lending platform to provide bridge financing for locations that this retailer closes or vacates.
BridgeCore’s new loan program provides investors with a platform to quickly execute on the acquisition financing of these value-add assets nationwide, with bridge loans ranging in size from $500k to $3 mil, and with prepayment flexibility to later refinance with long-term financing.
This loan product is interest-only, non-recourse on a case-by-case basis with fixed-rate pricing starting at 10.50%.
“Our new loan program addresses another development in the current ’bridge-to-normal’ environment,” said Elliot Shirwo, BridgeCore’s founder and principal. “Borrowers are seeking such bridge loans as a relief on debt service, given liquidity challenges and the underlying assets’ lack of income. Additionally, borrowers need a ‘bridge-to-normal’ at a time when distressed real estate opportunities are surfacing due to the market’s recovery from COVID and the economic transition through the inflationary and uncertain interest rate, cap rate and political environment.”
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