Secure ReCap $ 50 million Ground Floor Condo Building Loan – 110% Cost Loan – Largest condo building loan in Astoria, New York, during COVID.
QUEENS, NY and ASTORIA, NY, March 17, 2021 / PRNewswire / – ReCap has been awarded a $ 50 million construction loan – the largest condominium construction loan in Astoria, New York, during COVID. Against all odds, with the COVID lockdown, the New York condo market slowing amid the glut of condo inventory, banks not even answering calls and piles of foreclosures looming, ReCap was able to secure the loan. construction on behalf of our client, Hua Groupe Yang, for a condo development of 200,000 square feet, 143 units.
To top it off, ReCap was able to secure the construction at a 110% cost loan: $ 45 million construction loan plus $ 5 million cash in. An impossible task and a loan structure even in the best conditions.
ReCap, with its extensive network and strong lender relationships, continues to provide an unprecedented financial structure to support its clients and their business. Johnny su, the COO of ReCap adds, “As Warren Buffett said, it’s only when the tide goes down that you learn who swam naked and how good your loan brokers really are.” Tomer Dicturel, CEO of ReCap, added that “rain or shine, the customer can always count on ReCap to be there to support them and secure the funding.”
Learn more: http://recapny.com/
Press release issued by PRLog