Posted on May,04 2020
by Rich Salinaro in Blog
$1,900,000 Blanket Mortgage – Mixed-Use Development & Three-Family Investment Home – Multiple Locations
One of H&O Capital Funding’s repeat borrowers reached out in the midst of the shut down around the tri-state area due to Covid-19. The borrower had been working on the construction of a mixed-use property with two stores and eight apartments in Bayonne, NJ. The property was a single story retail property when he purchased it in 2016. Over the past 3.5 years the borrower applied for, and was granted, permits to add 3 stories to the building with 8 apartments in total. He received a loan at the time of purchase, but the note came due and the lender was no longer lending due to Covid. In a bit of a panic, the investor reached out to H&O Capital to secure a short term loan to allow him to finish the project and stabilize the building before he switched to a conventional loan. Because the as-is value of the project was a bit low to support the loan, the borrower used a property he owns in Yonkers, NY as additional collateral to get the deal done. Now the borrower has the time and funds to complete his project, while navigating the stresses of Covid-19’s impact on the area. The loan closed in under three weeks, making both the borrower and the investors happy.
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.