Brooklyn, NY, June 27, 2013 --(PR.com
)-- As another fine example of successful bridge lending when conventional means fall short, New Jersey-based Century Capital Partners was honored to recently take part in a commercial real estate transaction that halted the potential displacement of 12 Brooklyn families and a popular local delicatessen. The transaction encompassed two properties – located at Hoyt Street and 80th Street in the heart of Brooklyn – that were facing foreclosure after the landlord had fallen into default with Emigrant Bank. Struggling to make the 24% default rates, the landlord of the two buildings approached private lending company Century Capital Partners for help.
“Given the slowly recovering state of the housing markets, banks have to be very careful about their lending practices and that’s understandable,” explains David A. Hecht, President of Century Capital Partners. “Unfortunately, they don’t always have the time and manpower to closely examine the property in question or the customer who is looking to them for help. Century Capital Partners is unique in that we DO take the time to get to know our clients and we carefully evaluate the property in order to find its intrinsic value – which is often so much more than numbers on a page. In this instance, the customer had defaulted on his conventional loan – not for nonpayment, but for slow payment. Because he was suddenly under even more financial pressure to make the 24% default rates on top of his loan payments, there was the danger that 12 families and a successful local business might become displaced through foreclosure of the two properties. Instead, the savvy landlord was attracted to Century Capital Partners by their personal approach and 12% interest rate. Once he has severed his relationship with the foreclosing bank thanks to the $2,040,000 loan from Century Capital Partners, this investor can easily refinance at a lower interest rate with a conventional loan from another bank. That’s why innovative funding solutions and bridge lending work so well in today’s unique market. My partners and I welcome the chance to save the day when conventional lending fails.”
As the second largest and most populous of New York’s five boroughs, Brooklyn is a highly desirable community for homeowners and investors alike. The property on 80th Street is a beautiful brick building that houses nine apartments, which are all occupied by local families. The property on Hoyt Street is a fully occupied mixed-use building, comprised of three apartments and Fast & Fresh Burrito Deli. Situated in one of Brooklyn’s most sought after areas, the Hoyt Street building is a short walk from the Brooklyn Nets Arena and the Brooklyn Academy of Music’s Howard Gilman Opera House. Representative of another quick closing for the private lending company, the borrower has gone from struggling under the weight of his high default rates to breathing easier with a Century Capital Partners bridge loan within just 30 days from initial inquiry to final closing paperwork.
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. 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 http://www.centurycapllc.com.