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Oct. 12 -- Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., announces the funding of a $7.2 million loan secured by a 118-unit existing hotel in Orlando, Florida. The transaction was structured as a first mortgage loan and cross-collateralized with additional real property to increase the loan-to-value and provide development funds. The loan by MFC was made to facilitate the acquisition of the Hampton Inn Maingate West Hotel, one mile from the Maingate Entrance of Walt Disney World, and to convert the existing hotel into an upscale condominium hotel.
The borrowers, seasoned developers and marketers, approached MFC after having difficulties in obtaining conventional financing. "Conventional banks did not want to do this deal because they either did not understand the condominium conversion space or were pulling back their exposure to the Florida market, so I introduced them (borrowers) to MFC. I knew that MFC would be the right choice because of its expertise and creativity in structuring deals," mentioned Larry Chapman, President, Access Capital Group, the broker on this transaction. After careful underwriting, MFC was able to structure the transaction in a way that benefited all parties and allowed the developers to proceed with the conversion.
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's management team has over 17 years of lending industry expertise.
