Metro Funding Closes a $3.875M Loan

PARAMUS, N.J., Aug. 5 /PRNewswire/ -- 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.

Metro Funding Corp., headquartered in Paramus, N.J. 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.