New York, NY (PRWEB) January 17, 2008
GNS Funding Corp (http://www.gnsfunding.com) recently arranged financing in the amount of $6,600,000 for the acquisition of a condominium unit in Trump Park Avenue located at 502 Park Avenue in New York City. The transaction was negotiated by Eric Sidman.
The borrower, a repeat client, wanted the flexibility of an interest only mortgage, which is an increasingly difficult mortgage to obtain due to the tightening of underwriting guidelines in response to the ongoing credit crunch on Wall Street. "This was a very difficult deal to arrange financing for," remarked Sidman who is the Managing Director of GNS Funding, "lenders are very reluctant to make loans this size and only want the best borrowers…fortunately in this case he was."
Sidman stated he was able to arrange a very competitive interest rate for the client due to the borrowers strong credit profile and quality of the underlying asset.
Founded in 2003, GNS Funding Corp. is one of the New York City's fastest growing mortgage brokerages serving both the residential and commercial real estate sectors. The company is based in New York City with additional offices in Miami, Florida. Working with a wide variety of lenders, GNS Funding Corp. arranges financing for transactions ranging from $250,000 to more than $500 million for single family, condominium, multifamily, co-op, office, apartment and hotel properties.