$295,000 First Mortgage and Cross Collateralization – Bronx, NY
H&O Capital Funding was contacted by another one of their repeat borrowers with an interesting proposition about two months back. The investor had won a former gas station property on Gun Hill Road at auction and needed a loan to close the deal. Thankfully for the investor, the deal was contingent on clean Phase I and Phase II environmental reports. These reports take time to develop, which was why the deal was delayed for several weeks. Once the clean environmental reports came back, the investor was able to borrow the entire purchase price by cross collateralizing the loan with a 3-family property he also owned free and clear. It only took H&O Capital one and a half weeks to close the loan once the clean environmental reports came back.
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