BridgeCore Funds Retail Property in Escondido

BridgeCore Capital has refinanced a Family Dollar-anchored retail center in Escondido, CA for $2 million. The borrower required a bridge loan to refinance a matured loan and to obtain cash out funds, which BridgeCore closed in one-and-a-half weeks.

The borrower needed the cash out funds to resolve a mechanic’s lien, pay-off delinquent property taxes and cover upgrades and renovations to a pair of the units. BridgeCore’s bridge product provided a 6.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The company was also able to include a six-month extension option on the 12 month loan term, providing the borrower enough time to execute an exit strategy to sell the property.