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PARAMUS, N.J., Aug. 5 -- Metro Funding Corp. (MFC), a private asset-based commercial real estate lender, announces the funding of a $3,875,000 loan to refinance 31 high-end lots and one 17,000 square foot Estate Home in Carmel, Indiana. The borrower approached MFC because he needed to move quickly in order to pay off two notes that were coming due, after he was not granted an extension from either of the other lenders. Metro was able to expedite the loan process to fit within the borrower's time constraints.
The borrower has several years of experience as a local developer and is heavily invested in this project. Carmel, Indiana is considered one of the most exclusive upscale suburban regions in Indianapolis. The subject property is physically suited for residential development and is in a region where a number of new residential subdivision developments are underway.
"Due to current market conditions, more and more borrowers are finding it increasingly difficult to obtain funding from conventional lenders and local banks. However, MFC remains stable even in this market, which makes it possible for borrowers who are under strict time constraints to get what they need within their deadlines," says Associate, Lana Nichamov.
Paramus, N.J., June 23, 2008 / -- Metro Funding Corp. (Metro), a commercial real estate lending company headquartered in Paramus, NJ, recently began sponsoring a distressed animal shelter. Metro became aware that the shelter, appropriately named Room for One More, was in danger of closing due to their property owner and landlord raising the shelter’s lease payments to an unreasonable amount.
Metro Funding Corp.’s decision to sponsor the shelter was based largely on the unique nature of the service that Room for One More provides. The shelter operates as a “no-kill” shelter and maintains approximately 35 to 40 ‘fighting’ dogs at a time. The shelter works intensively to rehabilitate the dogs in an effort to find them stable and permanent homes. Joshua Cederbaum, dog behaviorist for the shelter, explains, “All that most of the dogs need is positive reinforcement and consistent training to get them back on the right track.”
“Room for One More provides an important service by saving these animals and they should not be forced to shut down because the rent is being raised,” reports David Hecht of Metro. Metro Funding Corp. will be aiding the shelter in paying their lease payments until the shelter is able to raise enough funds to make a down payment to purchase the property.
If you would like to find out more about the shelter or to make a donation, please visit the shelter’s website at http://www.rfom.org/.
BY: METRO FUNDING CORPORATION
(CSRwire) PARAMUS, N.J. - April 25 /PRNewswire/ -- Metro Funding Corp. (Metro), a private asset-based lender, headquartered in Paramus, N.J., recently sponsored a charity fundraiser in New York City entitled "We are all Children at Heart." The event was organized for Love Our Children USA ™, a national nonprofit leader in breaking the cycle of violence against children.
The fundraiser was a networking event for young professionals from numerous industries and backgrounds. The event raised nearly $20,000 to support the various programs provided by the nonprofit organization.
Love Our Children USA(TM) is in its 9th year as the 'go-to' prevention organization for all forms of violence and neglect against children in the U.S. The organization's website promotes the work of Ghandi, stating that, "We have to be the change that we want to see happen." Metro Funding Corp.'s goals are consistent with this proactive, hopeful and positive message. Its corporate strategy and mission statement promotes involvement with charitable organizations that are making a difference for families, children and communities.
For more information about the event, as well as about Love Our Children USA, please visit this link: www.loveourchildrenusa.org.
Metro Funding Corp. is a commercial real estate lending company specializing in asset-based opportunity (hard money) commercial loans. Metro Funding Corp. provides domestic and international loans to corporate entities.
PARAMUS, N.J., May 8 /PRNewswire/ -- 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.
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 domestic and international loans to corporate entities.
PARAMUS, N.J., April 24 /PRNewswire/ -- Metro Funding Corp., a private asset-based lender, headquartered in Paramus, N.J., announces the funding of a hard money loan secured by a historic building in downtown Anderson, Indiana.
The borrowers sought out hard money financing after numerous credit lines were fraudulently opened in their names, destroying their credit history. When this happened, their existing bank stopped accepting payment and requested a full payoff. Joe Adler, Associate of Metro Funding Corp stated, "The borrowers were traditionally strong, bankable borrowers. They just had fallen victims of fraud and were having a tough time with their bank." When the borrowers contacted Metro Funding Corp, they explained their situation and were able to secure a loan that paid off their existing lien and also provided operating reserves to hold the company over while their credit issues were alleviated.
Metro Funding Corp. is a commercial real estate lending company specializing in asset-based opportunity (hard money) commercial loans. Metro Funding Corp. provides domestic and international loans to corporate entities.
PARAMUS, N.J., Jan. 14 /PRNewswire/ -- 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.
PARAMUS, N.J., Mar. 13 /PRNewswire/ --Metro Funding Corp. (MFC), an asset-based commercial real estate lender announces the closing of a $50,000,000 secured credit facility with WestLB.
The $50,000,000 secured credit facility allows MFC to successfully grow its current asset-based lending business, while providing a more attractive cost of capital. “This is a big step in our growth process. We will continue to expand our U.S. presence and provide quality service at a more competitive price,” stated David Hecht, President.
The 3 year revolving credit facility provided by WestLB represents a securitization of short term mortgage loans originated by Metro Funding Corp. in the US. “WestLB’s experience as a commercial real estate lender helped Metro Funding Corp. achieve its funding goals for future growth initiatives,” said Jon Hellbusch, Director in WestLB’s Asset Securitization Group. FalconBridge Capital Markets, LLC acted as MFC's advisor and Placement Agent for the transaction.
Metro Funding Corp., headquartered in Paramus, NJ, 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.
PARAMUS, N.J., Oct. 12 /PRNewswire/ -- 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.
PARAMUS, N.J., Jan. 1 /PRNewswire/ --Metro Funding Corp. (MFC), an asset-based commercial real estate lender announces the launch of a conventional loan department.
The aim of the new department is to provide its current borrowers with an option to refinance, once stabilization is achieved. “We began to see a trend in the market where borrowers completed the necessary steps to stabilize their properties and were now bankable, seeking a refinance. Instead of sending them to their local bank, we will refinance the borrower via our conventional arm,” said Jennifer Smith, Senior Underwriter.
Metro Funding Corp., headquartered in Paramus, NJ, 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.
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Metro Funding Closes a $3.875M Loan
