Brooklyn, NY, January 27, 2013 --(PR.com
)-- The second largest and most populous borough of New York’s five boroughs, Brooklyn is a highly desirable community for homeowners and investors alike. Unfortunately for many investors, conventional lenders are so accustomed to looking at numbers alone – and don’t always take into account an area’s colorful history and bold promise for the future. After defaulting on his $2 million loan from a conventional lender, a Brooklyn investor was faced with a foreclosure on a three-family-unit building on Ocean Parkway. He needed to explore unconventional means in order to save his investment.
His quest led him to Century Capital Partners, LLC – a private commercial real estate lending company based in New Jersey. After some initial due diligence, Century Capital was able to see the viability of the property and offered to help the investor. They aided in facilitating a 50% cram down of the payoff quote, and offered the investor a $1 million loan. Taking advantage of the conventional lender’s desire to close before the end of the year in order to get the property off of their books, Century Capital pushed to close the sale within an amazing seven days.
“This was a prime example of how a private lending company can help investors where conventional lenders cannot or will not,” explains David A. Hecht, President of Century Capital Partners. “We were able to see the value of a three-family-unit building in Brooklyn. While the bank had asked for $2 million to pay off the building’s loan and we were able to negotiate that payoff down to $1 million, we know that there are investors who would be willing to pay $3.5 to $4 million for a building of that caliber on Ocean Parkway in the heart of Brooklyn. Century Capital Partners understands the draw of this culturally rich, ethnically diverse borough that has represented the promise of a better life to so many immigrants over the course of its historic past. We know that promise still exists, and find Brooklyn to be a wise investment for homebuyers, investors and private lenders like Century Capital Partners.”
Specializing in short term asset-based loans, Century Capital Partners is a leader in the realm of direct lending. Hecht and his associates recognize the fact that each loan they consider presents unique circumstances. To ensure project funding, they work closely with the clients they serve and place a major emphasis on innovation and efficiency. As opposed to conventional loans that could take months to close, closing times at Century Capital typically fall within 30 days – allowing their clients to take advantage of opportunities requiring immediate action. This expediency also benefits clients who are facing financial crisis, such as foreclosure bailout or bankruptcy filing.
Commitments from Century Capital Partners are often issued within 48 hours, providing their borrowers with the assurance that a competent and trusted lending partner is at hand. All origination fees, including the commitment fee, are paid at closing. Interested parties who have a commercial property investment in which they wish to seek the advice or ultimately involve Century Capital Partners are invited to call 877-335-5464 ext. 101 or email David@centurycapllc.com to discuss their financing needs. To learn more about Century Capital Partners and view their portfolio of recent domestic and international loan projects, please visit www.centurycapllc.com.