BridgeCore Capital Inc. has created a new middle market commercial real estate loan program designed to serve as an alternative financing product to traditional LifeCo funding.
According to the Beverly Hills, California-based company, the program provides borrowers a two-to five-year loan term, on loans ranging from $10 million to $30 million-plus, with the flexibility of pre-payment on stabilized or near stabilized commercial properties in primary and secondary markets nationwide. This loan product is interest only, is non-recourse and can be either fixed-rate or floating rate.
“Our new loan program addresses the current ’bridge-to-normal’ environment, wherein investors are seeking more flexibility in loan structure to allow them to refinance into long-term permanent financing in a few years, when rates will have declined, or to sell when cap rates have compressed,” said Elliot Shirwo, BridgeCore’s founder and principal. “Our objective is to provide optionality and capital availability to investors and developers during times like these, when markets tighten.”