ReCap Secures Difficult Funeral Home Refinance
Financing a loan for a funeral home can prove to be very difficult because of the various zoning restrictions and reluctance on the part of lenders. ReCap was not only able to provide a refinance loan for client, but also at a low rate.
Online, January 13, 2011 (Newswire.com) - Real Estate Capital of America (ReCap) is proud to announce that it has secured a $16 million refinance for a funeral home client. The rate was LIBOR + 2.50. It closed at 2.76%. The loan was secured for four independent funeral homes located throughout New York City.
In a hesitant credit market for commercial real estate, special use property has been particularly difficult to finance. Lenders are especially reluctant to finance funeral homes, even in a prosperous economy, because of environmental issues and the difficulty in liquidating a funeral home property for foreclosure. Funeral homes are also subject to restricted zoning in New York City.
"The client came to us because of our reputation in handing unique loan request and hard to finance cases," recollects Johnny Su, Chief Operating Officer of Recap, "and they have already tried to refinance for over 1 year and their current bank didn't want to renew the loan."
Considering the cautious credit market for commercial real estate finance when lenders are hesitant to finance a regular commercial property, it is nearly impossible to finance any special use commercial real estate.
Michael Heyman, WS Group and an owner rep, commented, "ReCap did an awesome job for the finance and Johnny Su, COO, was one of best and most professional finance brokers I have ever worked with and would not hesitate to recommend him for any future deals. "
Su explains, "Recap is different; we continue to fund tough loan cases via our strong relationships with vast network of lenders, both domestic and foreign, and unparalleled access to capital market. " Su continues, "As the saying goes, 'in good times, your friends know you, and in bad times, you know your friends.' That is so true for bankers and brokers as well. They will knock down your door for business during good times but who can you still call and count on to fund your commercial real estate deals now?"
ReCap is a partner that you can count on for your commercial finance in good times and especially in bad times.
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Tags: funeral homes, New York City, Real Estate
