Midwest Capital Funding Adds Eligible Properties to Its Client List
Kansas City, MO (PRWEB) May 21, 2015 -- Throughout the month of April, commercial mortgage broker Midwest Capital Funding expanded the number of eligible property types on its client list to include two new categories -- hotels and federal historic tax credit projects.
Taylor W. Grace, Managing Partner, says he has prior experience with both hotels and federal historic tax credits, making these two types of properties a natural choice.
"These properties were referred to me through banks that I've worked with in the past," Grace explains. "Generally, the more areas in which you have expertise, the better. These two real estate sectors are both fairly specialized segments, so there aren't a lot of people locally and nationally who work with them and do them well. They could become a very big piece of our business."
MidCap Funding closed on its first hotel property last month, and currently has nine more in the pipeline, Grace says. The firm has been engaged for a number of federal historic tax credit projects in the last few weeks, as well.
Hotels are a specialized commercial real estate asset; Grace says Midwest Capital Funding's strategy for acquiring permanent commercial loans on these properties has been successful for stabilized hotel assets.
Because historic tax credit projects are fairly complicated transactions, Midwest Capital Funding is focusing on properties located throughout the Midwest, particularly the Kansas City, Omaha and Des Moines metropolitan areas.
"Federal historic tax credit projects are a completely different real estate asset class," Grace explains. "They are fairly complicated transactions, but there is a lot of value I can add based on my previous experience with them. However, these properties have to be local because they’re very different than hotels. It must be a local, regional lender so they can go see the property themselves and get comfortable with the renovation component of the financing."
Whether it's a hotel or federal historic tax credit property, Grace says Midwest Capital Funding has the experience and industry knowledge needed to ensure a successful property financing.
"Given our past experience with tax credit transactions, we not only have done this and can bring a lender to the table, but we can even bring in and secure buyers for the federal and state tax credits, as well as a tax credit bridge lender," he says. "There are a lot of different components with these transactions, a lot of people that have to work together in order to make the project successful."
Ultimately, adding hotels and federal historic tax credit properties as clients will benefit the company by allowing it to thrive in two financing environments with less competition.
"Adding these categories of clients opens up two very large new segments for us as a company," Grace says. "Candidly, they’re sort of niche segments so there aren't a lot of competitors that chase those two segments -- less competition means more business for us. They’re specialty type assets, and there’s a lot of value that we can add to them."
About Midwest Capital Funding
Midwest Capital Funding is a full service commercial real estate finance firm. They can assist with acquisition loans, refinances, permanent loans, and construction loans. To learn more, visit http://www.midcapfunding.com or Click Here
Midwest Capital Funding
http://midcapfunding.com
info (@) midcapfunding (dot) com
913-839-4189
9401 Indian Creek Pkwy., Suite 830
Overland Park, KS 66210-2092
James McMinn, Leap Clixx, http://www.comfortexpertsheatandair.com/, +1 (314) 641-1000, [email protected]
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