BridgeCore Capital, Inc. has closed a $1,300,000 refinance of a multifamily complex in Oklahoma City, Oklahoma, the company announced. The borrower required cash-out proceeds to fund improvements to the subject property and another multifamily property in the same market, establish a nine-month interest reserve, and provide additional working capital.
The borrower's business plan is to complete the improvements to the subject property and sell it within the 18-month loan term. To facilitate this, BridgeCore structured a future-funding reserve for the property improvements, requiring documentation of the use of funds only for the initial advance. This structure provided the borrower with greater flexibility and efficiency in accessing the remaining improvement funds.
BridgeCore also worked with the borrower to structure the loan with recourse limited to its fund entity. The company collaborated closely with the trusted mortgage advisory team, sponsor, and title company to coordinate an efficient closing process and ensure the transaction closed on schedule.
By leveraging its extensive experience, in-house capabilities, and flexible capital base, BridgeCore addressed a number of unique structural requirements while delivering highly competitive financing terms. The deal highlights the company's ability to tailor financing solutions to meet specific borrower needs, which can be crucial for real estate investors seeking to add value and reposition assets.
This transaction matters because it demonstrates how specialized bridge lenders can provide the necessary capital for property improvements and working capital, enabling borrowers to execute their business plans. For the multifamily sector, such financing can support property upgrades, potentially leading to improved housing quality and increased property values. Moreover, the limited recourse structure may appeal to borrowers seeking to minimize personal risk while still accessing significant capital.
BridgeCore Capital provides bridge loans on commercial and non-owner occupied residential real estate in the U.S., including origination of senior, junior and mezzanine debt and preferred equity. Additionally, borrowers throughout the nation can take advantage of BridgeCore's "Bridge Loan Program," which provides flexible pre-pay, interest only, non-recourse, and floating-rate financing with one- to three-year terms for loan sizes ranging from $15 million to $50 million or more.
For more information, visit www.bridgecorecapital.com.
The news was originally distributed by NEWMEDIAWIRE.
