$2,500,000 Second Mortgage – Retail/Apartment complex – Harlem, NY

H&O Capital Funding was contacted by two investors needing some short term funds for a deal they were working on and a second mortgage loan is what they needed.  Thankfully, they had a lot of equity in a property they own in Harlem with 54 apartments and a retail store. H&O Capital was able to give them $2,500,000 to help them move along their other deal. H&O Capital was able to get them the funds they needed in under two weeks, making for some very happy investors.

H&O Capital Funding  has helped countless real estate buyers, sellers, lessees and lessors achieve their goals. Our legacy is unwavering commitment to the communities we serve. Houlihan & O’Malley Commercial Real Estate Services specializes in four distinct, yet overlapping, areas of business: Commercial Brokerage services, Private Mortgage services, Appraisal Services and Advisory services.

For more information on loans that we offer, visit our website.…

Why is it that Hard Money Lenders don’t want to provide loans for residential properties that are owner occupied.

• Are lending requirements stricter on owner occupied loans?
  Due to predatory lending laws, requirements for loans on owner occupied 1-4 family dwellings are indeed stricter. Unfortunately, these laws are bit obscure, so there is no defined interest rate that is considered predatory. In essence, the laws are in place to protect consumers from ending up with loans they simply cannot pay. In reality, this leads to a lot of gray areas that private lenders do their best to avoid.

• What if the loan request on an owner occupied property were specifically intended for business purposes?
  Unfortunately, the way the predatory lending laws are written don’t allow for this either. However, if the borrower owns a commercial or residential investment property that is owned by an entity (Corp., LLC, etc.) lenders are able to mortgage that property and cross collateralize the loan with a personal home. That would be viewed as a strictly business transaction.

• Are there exceptions, where you would offer a hard money loan on an owner occupied property?
  As answered above, a cross collateralization can work. Also,

$340,000 First Mortgage – Mixed-Use Property – Bronx, NY

H&O Capital Funding was contacted by a local broker with a client down in the Bronx who needed some quick funds. The borrower used a mixed-use property with four apartment and three stores (one occupied by his business) as the collateral for a small loan for a cash out to pay some other debts he had accumulated. There were a couple of legal hurdles that had to be dealt with prior to closing but, despite this, it only took H&O Capital three weeks to close the loan.

For more information on loans that we offer, visit our website.…

$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.

For more information on loans that we offer, visit our website.…

$800,000 Blanket Mortgage – Three multi-family properties in Port Chester, NY

A young real estate investor came to H&O Capital Funding looking for a loan across two properties in Port Chester, NY. The investor currently had a blanket loan across all three multi-family properties he owned and was hoping to refinance and keep one of the three properties free and clear. Unfortunately, because of some IRS and State tax liens that he was looking to pay off, the numbers just didn’t work and he ended up including the third property. H&O Capital is understanding and has given the borrower release prices in case the investor decides to pay down the mortgage in the future. At the closing, the borrower raved about H&O Capital’s flexibility and ease to deal with. Despite delays on the negotiated tax lien payoffs and a few other hiccups, H&O was able to close the deal in just three weeks.

For more information on loans that we offer, visit our website.…

$500,000 Blanket 2nd Mortgage – Two Retail Properties in Montauk, NY

H&O Capital Funding was contacted by one of their repeat borrowers for a quick $500,000 second mortgage on two retail properties in Montauk, NY. H&O Capital actually holds one of the first mortgages, $2,000,000 on a single story retail property with a 7-11 corporate lease. The other property used for additional collateral, is a two-story retail property with a restaurant and a large sporting goods store. Both properties are in excellent location in downtown Montauk, NY. H&O Capital was able to get this done in under a month to help the borrower out with some unexpected bills he had coming due.

For more information on loans that we offer, visit our website.…

$425,000 First Mortgage – Two-Family Investment in New Rochelle, NY

H&O Capital Funding was contacted by a local investor, with whom they had done a number of deals in the past, who needed some quick funds to payoff their current first mortgage. The home was recently renovated but due to some recent medical bills the borrower had fallen behind with his payments. H&O Capital was able to get this done within three weeks. We’re always happy when we can help out one of our repeat borrowers.

For more information on loans that we offer, visit our website.…

$2,700,000 Blanket Mortgage – Mixed-Use & Multi-Family Properties in Jersey City, NJ

In this deal, a real estate investor came to H&O Capital Funding looking for a loan across three properties in the heart of a revitalized Jersey City. Having long ago acquired the properties for a song, the borrower needed a cash out refinance to finish off renovations on one of the properties and use the extra proceeds as down payment for another investment. The three properties consist of a mixed-use building with a booming day-care business and four apartments, a fully leased four-family home and another four-family home currently undergoing renovation. The deal ran into a bit of a snag as it didn’t seem there would be enough equity to meet the borrower’s needs, however, H&O was able to get creative and add a lien on the borrower’s own residence, which was already on the market for sale. Despite delays on the appraisals and a few other hiccups, H&O was able to close the deal in just under four weeks.

For more information on loans that we offer, visit our website.…

$$500,000 First Mortgage – Yonkers, NY – 7-unit Apartment Building

H&O Capital Funding was contacted by a local broker who was beginning to do his own investing in real estate. The broker found a great off-market deal for a 7-unit apartment building near downtown Yonkers but needed to close ASAP. Familiar with H&O Capital Funding, he knew we would be able to get the first mortgage loan done in time for the closing. Two weeks later, the new investor closed the deal and now has himself a well maintained 7-unit building to start his portfolio.

For more information on loans that we offer, visit our website.…