Metro Funding Closes a $590,000 Loan

PARAMUS, N.J., Jan. 5  -- Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., announces the funding of a $590,000 loan for the acquisition and rehabilitation of a 120 room vacant hotel in Fort Wayne, IN. 

The borrower, an experienced hotel owner, approached MFC with the need to close quickly.  With the borrower’s purchase contract quickly reaching a deadline, the borrower was in need of a quick closing that a conventional bank could not offer.  "Due to current market conditions, borrowers are finding it increasingly challenging to gain financing from conventional banks.  MFC remains stable, though, which makes financing possible for borrowers who have strict time constraints,” says Senior Underwriter, Lana Nichamov.  After careful underwriting, MFC was able to structure the transaction in a way that benefited all parties and allowed the borrower to acquire the property and complete the improvements in time to re-open the hotel.

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.