.JPG)
Jan. 14 -- Metro Funding Corp. (Metro), a private asset-based lender, headquartered in Paramus, N.J., declares the year 2007 complete after simultaneously closing two unique hard money bridge loans.
The first loan transaction consisted of a $1.2 million loan secured by approximately 14 acres of commercially zoned land lots in Shawnee, Oklahoma. Metro structured the loan such that the proceeds were used for acquisition, with future proceeds to be used toward the permitting process.
On the same day, Metro funded a $2.6 million loan for the refinance and improvement of a fully operational 30 room historic Bed and Breakfast in Lenox Village, Massachusetts. Adi Hecht, Senior Associate mentions, "the Borrower, as well as the property's income, were strong. They just had difficulty securing financing due to the recent subprime crisis".
Plans for 2008 include the unveiling of Metro's Green Program, offering new incentives and discounts on transactions promoting eco-friendly building standards and property maintenance. Also new for 2008, Metro launches a free tutorial program to all mortgage brokers interested in learning about the hard money industry.
Metro Funding Corp. is a commercial real estate lending company specializing in asset-based opportunity (hard money) and conventional loans. Metro Funding Corp. provides domestic and international loans to corporate entities.
