Metro Funding Closes a $1,300,000 Loan

PARAMUS, N.J., July 16, 2009 -- Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., announces the funding of a $1,300,000 loan for the refinance of two restaurants in Larchmont, New York and a Strip Mall Center in Jupiter, FL.

The borrower approached MFC with the need to pay off delinquent property taxes on a Strip Mall Center he recently inherited. These delinquent taxes needed to be paid off quickly before the property would be put up for auction. In effort to save this property, MFC tried to be as creative as possible and requested additional collateral. The borrower was able to provide two operating restaurants in Larchmont, NY. "Although many businesses are staying afloat in today’s difficult economy, conventional banks are unable to provide funding in the time needed to satisfy borrowers. MFC remains stable, though, and is able to fund quickly, giving borrowers the opportunity to continue running their businesses smoothly,” says Senior Underwriter, Jason Lasser. By providing the additional two restaurants, MFC was able to aid in paying off the delinquent taxes in time to save the property. The borrower continues to be a proud owner of the Strip Mall Center and is running both restaurants in Larchmont successfully.

Metro Funding Corp., headquartered in Paramus, NJ, is a commercial real estate lending company specializing in asset-based opportunity (hard money) loans. Metro Funding Corp. provides loans globally to corporations unable to obtain financing from conventional sources due to the immediacy or complexity of the transactions.

CONTACT: Lana Nichamov, 1-201-262-6360, for Metro Funding Corp. Web site: http://www.metrofundingcorp.com/

Metro Funding Closes a $2,300,000 Loan

PARAMUS, N.J., July 16, 2009 -- Metro Funding Corp. (MFC) recently closed a $2,300,000 loan for the refinance of two operating Car Wash Facilities in Lewisville and Prosper, TX.

The borrower approached MFC in order to refinance its current debt and provide working capital for a planned marketing effort. The borrower’s original bank filed for bankruptcy and was taken over by the FDIC, leading to a forced maturity of the note. Due to the short period of time allowed by the FDIC to refinance the properties, the borrower needed a quick source of capital in order to avoid foreclosure and loss of his business. When asked about the reason for funding this deal, Senior Underwriter, Joe Adler, mentioned, "Metro Funding is pleased to fund deals that keep businesses afloat in order to strengthen our current economy.” Both car washes are currently running successfully.

Metro Funding Corp., headquartered in Paramus, NJ, is a commercial real estate lending company specializing in asset-based opportunity (hard money) loans. Metro Funding Corp. provides domestic and international loans to corporate entities.

Web site: http://www.metrofundingcorp.com/

How do you find quick financing on a property in Florida? Ask Metro Funding Corp.

Florida may be the Sunshine State, but the market there is far from sunny. Trying to get a loan in Florida today is nearly impossible! As a lender, when a borrower comes knocking on your door with a property in Florida that is about to slip through his fingers, it is highly unlikely that you are comfortable with slapping a lien on it. Who wants to take that risk? Well Metro Funding likes to think outside of the box. A borrower in a jam approached Metro, needing to close on a Strip Mall Center he inherited in Jupiter, FL. This property was weeks away from being put up for auction due to delinquent property taxes. Knowing that a conventional bank would not touch this property, Metro Funding Corp put their thinking caps on and tried to get as creative as possible. What avenue do you take to save a property in Florida in today’s market? Put a lien on two operating restaurants in Larchmont, New York! Metro Funding was able to place a mortgage on two of the borrower’s popular restaurants in New York. With this additional collateral, MFC was comfortable enough to move forward and closed the loan in 3 weeks. This saved the Florida property and secured the jobs of the employees at the Strip Mall Center. Knowing that the borrower’s businesses are continuing to run successfully, it is safe to say that there is a light at the end of the tunnel. Metro Funding aims to please and did so with this complex loan.

Metro Funding Corp., headquartered in Paramus, NJ, is a commercial real estate lending company specializing in asset-based opportunity (hard money) loans. Metro Funding Corp. provides loans globally to corporations unable to obtain financing from conventional sources due to the immediacy or complexity of the transactions.

Metro Funding Corp. Web site: http://www.metrofundingcorp.com/

Metro Funding Corp. (MFC) recently closed a $1,050,000 loan for the refinance of a Sports Complex and 14K square foot Banquet Hall in Cincinnati, OH

The borrower approached MFC in order to take advantage of a reduced loan payoff from their current note holder. The borrower was given strict time constraints that a conventional bank could not accommodate. In addition, the borrower's credit score was not sufficient enough to qualify for a conventional loan. "Due to the current economic environment, borrowers are unable to obtain financing in the time needed. MFC continues to expedite the loan process in order to satisfy borrowers' requests," says Senior Underwriter, Jason Lasser. The Sports Complex continues to operate, allowing all of the children in the area to enjoy its amenities and have a fun summer full of baseball and volleyball.



Metro Funding Corp., headquartered in Paramus, NJ, is a commercial real estate lending company specializing in asset-based opportunity (hard money) loans. Metro Funding Corp. provides domestic and international loans to corporate entities.



Web site: http://www.metrofundingcorp.com/

Metro Funding Closes a $715,000 Loan

PARAMUS, N.J., March 13 -- Metro Funding Corp. (MFC) recently closed a $715,000 loan for the refinance of four un-flagged fast food properties in Southern New Jersey and Eastern Pennsylvania.

The borrower approached MFC in order to consolidate and become current on outstanding debt he had accrued over the past 18 months. Timing was crucial in refinancing with their current note holder. "More than ever, borrowers are having difficulty gaining financing from conventional banks. However, MFC remains stable, allowing borrowers to obtain the funds they need swiftly," says Manager, Guy Ferdman.

Metro Funding Corp., headquartered in Paramus, NJ, is a commercial real estate lending company specializing in asset-based opportunity (hard money) loans. Metro Funding Corp. provides domestic and international loans to corporate entities.

Web site: http://www.metrofundingcorp.com/

Metro Funding Seek to Acquire Distress Properties

Recently MFC created a new Fund for the purpose of purchasing and managing distressed properties in the United States. The fund is currently looking to buy distressed commercial properties or distressed residential complexes, including incomplete development projects, properties that require minimal renovations and non performing notes. MFC’s fund will also consider joint ventures and partnerships in the commercial real estate business.

For Help with these types of scenarios, please contact Ido Gerber 

Tel (201) 834-1317

   Distress Real Estate Acquisition Criteria:

Transaction Size	$5 Million to $40 Million
Property Types	All Commercial properties, including: Office Buildings, Medical Buildings, Retail Strip Malls, Shopping Centers, Hotels, Motels, etc. Residential complexes, including Apartment Buildings, Condo/Coop Buildings, Student Housing, etc.
Project Status	Performing Notes, Non Performing Notes, Pre Foreclosures, Foreclosed Properties, Bank Owned, Incomplete Development, Privately owned, Free & Clear or encumbered, etc.
Income	Non Income and Income Producing Properties considered
JV/Partnerships	Considered on a case by case basis

What Brokers Need to Know about Closing Loans with Metro Funding?

I know that during this economic downturn it has become increasingly difficult for you, I and many others to make a decent living.  I have been hearing many horror stories of brokers posing as lenders, borrowers are being taken advantage of, and lenders forgot that they are dealing with another human being on the other side.  In order to ensure that you are working with a legitimate lender you can always have the borrower’s attorney call the lender and ask them to provide you with closing statements.  If the lender’s name is not on that closing statement they are probably not a legitimate lending source.  We are more than willing to provide such documentation to make your clients comfortable that we are a REAL lending source and we have the track record to prove it!

You may not be aware that Metro Funding is still actively lending and pursuing loans.   We currently have $20 Million ready to move today!  We just need to find the deals that work for us and the borrower.  The deal should make sense for all parties involved. 

Here is criterion and some tips that may help you as a broker find deals that work with Metro in today’s market place:

 

What we are looking for is…

·         Income producing properties (Office Buildings, Shopping Plazas, Apartment Buildings, Etc.)

·         Properties with complete structures or near completion (This could include light rehab)

·         Loan Sizes that range from $1 Million to $5 Million (per transaction)

Other Tips…

·         Borrowers that are well invested in the property and will not walk away from the deal

·         For acquisitions the borrower must have money to put into a deal*

·         Hard Money Lenders are conservative by nature; we base our property evaluation on a “quick sale approach” or a 3 to 6 month sale to a single cash buyer in bulk.  If there are no recent comps in the area of the property to validate the property value you can assume it has decreased because of today’s market conditions.

·         Exit strategy. Exit Strategy. Exit Strategy.  I can’t stress this enough!  As a lender our main concern is how we will get paid back.  If we can’t see a way out, we will not do the deal!

·         We are still considering land loans, but exit strategies are fleeting with these deals.  I’m sure you’ve realized that finding a construction lender or a temp-to-perm loan is very difficult.  Unless the borrower has additional collateral to pledge or a clear cut exit strategy we will probably not take the risk of lending against land today.  But there are some exceptions.

*Seller seconds just show that the seller can’t sell his property for the value he thinks it’s worth in this market

 

I do not want to discourage you from sending me any loan scenario!  We are private money and we can get creative in order to fund.  So the more you send, the more likely we are to find the right deal!  I hope the information I provided above helps you hunt for the right projects.  In my opinion the broker, borrower, lender relationship is the best in the business world.  The deal has to close for all 3 parties to benefit and no one gets paid unless a closing occurs! I look forward to doing business with you and showing you that even in this market there is money to be made.  Don’t hesitate to send me deals or give me a call!  

Guy Ferdman /  Manager

One Kalisa Way, Suite 310

Paramus, NJ 07652

Tel: (201) 262-6360

Dir:  (201) 834-1311

Fax: (201) 262-6910

www.metrofundingcorp.com

guy@metrofundingcorp.com