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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/
