Most existing near-field (NF) source localization algorithms are developed based on the Fresnel approximation model, and assume that the spatial amplitudes of the target at the sensors are equal. Unlike these algorithms, an NF source parameter estimation algorithm is proposed, based on the exact spatial propagation geometry model, for bistatic multiple-input multiple-output (MIMO) radar deployed with a linear concentered orthogonal loop and dipole (COLD) array at both the transmitter and receiver. The proposed method first compresses the output signal of the matched filter at the receiver into a third-order parallel factor (PARAFAC) data model, on which a trilinear decomposition is performed, and subsequently three factor matrices can be obtained. Then, multiple parameters of interest, including direction-of-departure (DOD), direction-ofarrival (DOA), range from transmitter to target (RFTT), range from target to receiver (RFTR), two-dimensional (2-D) transmit polarization angle (TPA) and 2-D receive polarization angle (R-PA), are estimated from the spatial amplitude ratio exploiting the rotation invariant property and the Khatri-Rao product. Finally, the phase uncertainties of transmit and receive arrays can be extracted from additional phase items. The proposed algorithm avoids spectrum peak search, and the estimated parameters in closed forms can be automatically matched unambiguously. In addition, it is suitable for non-uniform linear arrays (NLA) with arbitrary array element spacing and phase uncertainty. Advantages of the proposed method are demonstrated by simulation results.