BridgeCore Capital closed a $2.5 million bridge loan to finance the acquisition of a vacant, single tenant, grocery-anchored property in Indianapolis.
The borrower, an experienced real estate investor, identified this transitional asset with a grocery tenant gone dark to capture an opportunity to back-fill with tenants that have worked with the borrower on other projects.
BridgeCore helped secure the purchase within a tight, closing timeframe without an appraisal report, when the borrower’s competing lender could not execute.
BridgeCore’s pay-rate bridge product is providing the borrower with a low pay-rate of 7.50% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest.
BridgeCore also employed its fixed-rate, small balance retail loan program so the borrower would not incur any interest rate risk in an increasingly inflationary and changing rate environment. The 12-month term is providing the borrower with breathing room to pursue a number of potential exit strategies, including refinance upon stabilization with new tenancy or sale.
