The borrower required a bridge loan to finance the purchase of a to-be-built 7-Eleven in Santa Ana, CA,
cross-collateralized with a free-and-clear Taco Bell in Warsaw, MO, according to Bridgecore.

Time was needed for the seller to complete the vertical construction of the 7-Eleven and obtain a certificate of occupancy before the borrower executed an exit strategy of a conventional refinance. The borrower offered a free-and-clear Taco Bell in Missouri as cross-collateral in order to manage leverage on the 7-Eleven’s yet-to-be realized full value. The 12-month term with 6 months of yield maintenance will allow the seller of the 7-Eleven to complete its construction of the built-to-suit on behalf of the
borrower, and to meet its delivery obligations to 7-Eleven.

The lender’s collaborated with the borrower’s investment sales and mortgage advisers on seller- related due diligence, plus two separate title teams to secure tie-in coverage for properties in multiple states, facilitated the consummation of this multifaceted purchase transaction.