Metro Funding Corp. Closes $3.8 Million Development Loan

May 8 -- Metro Funding Corp. (MFC), a private asset-based commercial real estate lender announces the funding of a $3,800,000 loan to refinance and develop a Roman Bath and Spa Resort in Staten Island, NY. The borrower approached MFC after discovering that they needed funding to bridge their project to a point where a conventional lender would provide permanent financing. "This is a perfect example of how conventional banks are being inhibited by the credit crunch. Borrowers who are heavily invested in great projects are being turned away," says Senior Associate Ben Rutkevitz.

Metro Funding diligently pursued measures that created a win-win situation. The ability to cross-collateralize some of the borrower's additional assets was particularly crucial in this case. The subject collateral is a planned three story 27,760 SF commercial building. In addition to the Roman Spa, the building will include a restaurant and office space. The Spa will be complete in the summer of 2009, while the restaurant and office space are scheduled to be open by the end of 2008.