The borrower owned the real estate free and clear and required a source that would allow them to quickly tap into their equity.
Thousand Oaks, CA (PRWEB) May 11, 2011
MMG Capital, a nationwide hard money lender out of Thousand Oaks, Calif., finalized today the $1,000,000 cash-out refinance loan of a New York estate property to allow a high-net worth borrower to capitalize on a unique business opportunity. The borrower, an experienced New York-based real estate owner, had an extraordinary opportunity to expand a highly profitable business into the United States from overseas and required immediate financing for start-up, inventory and personnel costs. MMG Capital made the loan required within a short time frame, utilizing the borrower’s current real estate holdings as collateral for the business loan.
"A quick look at the borrower’s balance sheet showed us that we had a solid candidate for a collateral-based loan on our hands," said Chris Gleason, managing director, MMG Capital. "After running through some different loan options with the borrower, we were able to settle on a structure that was optimal for both parties, and we closed the deal quickly."
The loan was secured by a large, one-of-a-kind estate property in Saratoga Springs, NY. The borrower owned the real estate free and clear and required a source that would allow them to quickly tap into their equity. Today’s credit markets didn’t provide a solution for doing so via traditional means.
MMG Capital is constantly creating new opportunities for high-net worth individuals or entities that are short on liquidity to obtain financing for valuable projects or ventures. As a collateral-based lender, MMG Capital can provide financing to high-net worth borrowers that otherwise might not have an obtainable financing source. As an active nationwide hard money lender since 2007 and with more than 50 years of experience in real estate, banking and finance, MMG Capital has quickly carved out a niche in the marketplace and is one of the more creative lenders in the industry. Utilizing both commercial and residential real estate, MMG Capital funds bridge loans for a wide variety of purposes. All MMG Capital Loans are evaluated with asset-based standards as opposed to traditional standards utilized by banks and other institutions. This lending concept has opened the door for more borrowers to obtain the liquidity that they need for their real estate projects by utilizing the equity in their existing assets. Find more information about MMG Capital at http://www.mmgcap.com
For all inquiries, contact Chris Gleason, chris.gleason(at)mmgcap(dot)com or 310.295.1121 (ext. 301)