ReCap NY Secured $20MM In Financing For Major Funeral Home Client

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NY-based financing experts at ReCap close on largest funeral home financing deal in NYC.

NEW YORK - March 21, 2019 - eTradeWire -- Real Estate Capital of New York has once again put a successful deal together for the largest Chinese funeral home company in New York City. This marks the biggest funeral home financing deal made in the city of New York.

This loan in the amount of $20MM encompassed three separate properties. Two of these funeral homes are in downtown Manhattan with the other located in South Brooklyn. Of the total loan amount, $6.5MM will be allocated as cash out for business expansion.

Funeral homes notoriously face many hurdles when it comes to financing. Special use properties in general are difficult to secure loans for. Mortgages are especially complicated for funeral home clients because of restrictive zoning laws in New York City. Thanks to their previous experience with big funeral home clients and their trusted partnerships with a vast network of lenders, ReCap came out with a big win for the business owner.

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This deal was brokered between parties who had previously established a working relationship. Earlier this year, ReCap secured financing for the same client who owns several properties in the metro area. This loan amounted to $9.8MM and involved a funeral home building addition located in Queens.

Challenging commercial loans are somewhat of a specialty for ReCap. The boutique firm's work focuses on large-scale financing for businesses who face difficulty qualifying for the loans they need to grow their company. ReCap excels at working with lenders to put together many different types of commercial loans. Their commitment to professionalism in a high-stakes environment has earned them many repeat clients in subsequent deals.

Says Johnny Su, COO of Recap NY, "Nothing is easy these days and every loan has its challenges. It takes real skills, experience, and capital market knowledge and connections to navigate in today's commercial financing market." He adds, "Survival of the fittest is how the market works."

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Source: Real Estate Capital of America
Filed Under: Banking

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