BridgeCore Capital, Inc. has closed a $1,300,000 refinance of a multifamily complex in Oklahoma City, Oklahoma, the company announced. The transaction highlights the continued demand for bridge financing solutions that accommodate complex business plans and provide borrowers with the flexibility needed to execute value-add strategies in secondary and tertiary markets.
The borrower required cash-out proceeds to fund improvements to the subject property and another multifamily property in the same market, establish a 9-month interest reserve, and provide additional working capital. The business plan is to complete the improvements to the subject property and sell it within the 18-month loan term. This approach reflects a broader trend in commercial real estate where investors seek short-term bridge loans to reposition assets and achieve higher valuations upon sale.
BridgeCore structured a future-funding reserve for the property improvements, with documentation of the use of funds required only for the initial advance. This structure provided the borrower with greater flexibility and efficiency in accessing the remaining improvement funds. Such flexibility is critical in value-add projects, where renovation timelines and costs can vary, and borrowers need timely access to capital without excessive administrative burdens.
BridgeCore also worked with the borrower to structure the loan with recourse limited to its fund entity. This limited recourse feature is significant because it allows the borrower to mitigate personal liability while still securing the necessary financing. In a market where lenders are often cautious, BridgeCore's willingness to tailor the loan structure underscores its capacity to address unique borrower needs.
The lender 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. This level of coordination is essential in bridge lending, where delays can derail time-sensitive business plans.
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. Borrowers throughout the nation can also take advantage of BridgeCore's "Bridge Loan Program," which offers flexible pre-pay, interest only, non-recourse, and floating-rate financing with one- to three-year terms for loan sizes ranging from $15M to $50M+. The company's ability to close smaller loans, like this $1.3 million refinance, alongside larger transactions demonstrates its versatility.
This financing matters because it illustrates how specialized bridge lenders can fill gaps left by traditional banks, particularly for value-add multifamily projects in markets like Oklahoma City. As interest rates and economic uncertainty continue to challenge real estate investors, flexible capital providers like BridgeCore are likely to play an increasingly important role in enabling property improvements and repositioning efforts. For more information, visit www.bridgecorecapital.com.
