Posted on Feb,04 2019
by Rich Salinaro in Blog
$1,100,000 First Mortgage – Investment Condo – Brooklyn, NY
This was another unique situation H&O Capital was able to navigate to ensure a deal got done. In this case, the borrower was the lead developer on a large condominium project in the Williamsburg area of Brooklyn. Part of his agreed upon development fee granted him title to 3 of the units in the building once completed. Upon completing the project, the sponsor tried to renege on their promise. The sponsor, with their extremely deep pockets, were able to take two of the three units promised to the developer, but the last one he was able to hold on to.
In stepped H&O Capital Funding to get the developer some much needed cash against the value of the brand new condo unit he planned to rent out. H&O Capital was able to close the loan in just three weeks, despite numerous delays by the sponsor trying to holdup the closing.
H&O Capital Funding has helped countless real estate buyers, sellers, lessees and lessors achieve their goals. Our legacy is unwavering commitment to the communities we serve. Houlihan & O’Malley Commercial Real Estate Services specializes in four distinct, yet overlapping, areas of business: Commercial Brokerage services, Private Mortgage services, Appraisal Services and Advisory services.
For more information on loans that we offer, visit our website.