*MET makes no representations or warranties as to the accuracy or the veracity of the information contained herein or supplied at a later date in conjunction with this site and assumes no liability therefore. It is being shown for information purposes only.

^{..................................................................................................................................................................................................}

Press Releases                 Met Mortgage in the news.........

Trenton NJ 7 family free & clear property.

Borrowers credit was average, property was good, but borrower could not find lender to give him $275,000 cash out ????? 

No problem our investor gave him 240 months @ 9.87% float.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Providence RI Property owner runs out of funds.

  This semi refurbished building was 80% completed when the borrower ran out of money to complete the work. His bank could not add a second because as is value LTV was at max. No problem Met’s investor lent on completed value, paid off his first mortgage and gave him the difference of $300K in two installments at 9.75% for 10 years floating over prime.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Erie Pennsylvania 22,900 Sq Ft manufacturing building.

This 1960 building was in average condition but the borrower whom leased the building had a bankruptcy and tax liens against him from a previous business an could not find a lender to finance this property even though he was paying 50 % of the appraisal value. No problem for Met’s people. The borrower received $167,500 for 10 years at 11% and 4 points.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Paterson, NJ 97,000 sq. ft., 4 story building.

The borrower was trying for several years to purchase this old complex he partially occupied. He had several tenants to help carry the taxes and mortgage but do to building and environmental conditions he could not find any takers until his broker found Met. The mortgage amount  $700K interest only at 15% and 6 points.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Kendallville, IN  

This half a century old 315,266 Sq Ft warehouse industrial complex needed a mortgage for repairs and updating. The borrower received a $1,270,000 loan at 11.5% interest for 10 years and 5 points to the lender.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

A Modern Industrial Facility on 15 acres

near San Antonio, TX , The borrower purchased this TX property for  cash to take advantage of a 1031 exchange. The two modern buildings on this property even though vacant appraised for approx $4,500M, much higher when occupied. Borrower was approved for a loan of  $2,500M . Term 2 years interest only at 9.75% and only 3 point cost.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Just a small lot loan.

Bronx, NY , This 33 x 145 lot was not wanted by other lenders until they found Met. The borrower wanted cash out on his free & clear land but most lenders do not like to give borrowers cash. Within 7 days from getting the request  a  closing was scheduled at 15% with a  1 year term &  4 points to the lender.  

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Not another fish story.

Central New Jersey , Sea food shack no one would lend on because the building was only several hundred Sq Ft, (to small for normal lending). Our people looked at the land, build and borrowers business and in 3 days approved the $400,000 request for a 1 to 3 year interest only loan at 14% & 6 with no pre-payment penalty.  

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Double foreclosure Brooklyn NY 5 family and store. 

This request needed to be closed in two weeks to stop a bank foreclosure or a tax sale foreclosure which ever came up first. The property value was estimated to be $500,000 (no time for formal appraisal) but our investor still lent $385K for 1 year at 14% & 4 points.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Adult Health Care Houston TX ready for tax foreclosure 

Foreclosure was stopped with a semi-hard 20 year mortgage for $530,000 at 12.50%, 8 points. 

The loan request originally was to be $495K then late charges and back interest was disclosed, so the difference was added to make this request work.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Used Car Properties,   Rhode Island & Massachusetts

Client just built first property and started second and needed more funds to complete.

With in 3 weeks our investor funded $1,200,000 for 1 to 2 years at 14 %.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Wilkes  Barre, PA: Vacant mixed-use property

Borrower purchased this property in November, 2005 and paid $400,000 all cash 

and needed to borrow $860,000 for the remodeling of the 24 apt units, and commercial space, 

including upgrades to heating/electrical/plumbing etc. 

Borrower tied for almost a year to get funding but nothing until he contacted Met,

who setup a 2 year interest only loan at 15% in about 30 days. 

Met will also help the borrower get permanent funding once the project is completed,

for a 25 year term in the area of 9.25%

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Stopped Tax Foreclosure,  Orange , NJ

Mix-Use Building owner needed to pay off 5 years of back taxes.

Broker tried for several months to find lender, THEN FOUND Met 

and closed for $250,000 in 9 working days at 15 & 8.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Bankruptcy Discharged

Auto Repair building, Union , NJ  

$225,000 11% 20 year term

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Mix-Use building, Brooklyn , NY

Borrower need quick bridge loan until property was sold.

Closed a $90,000 loan within several days of giving Met the request.

Received 6 month loan at 15% interest only.

Allentown PA,   6 Apartments plus Store

Four week transaction

$280,000 (70%) LTV  15 years at 9%  

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

West New York NJ ,     Apartment Building

Client needed money for his Florida Business ASAP

Within 1 week our investor advanced $160,000 for 2 years at 15%

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Lawrence, MA      Mixed-Use Building

6 Apartments & 3 Stores

Semi-Hard Mortgage at 10.5% for 5 + 5.

Amortization 20 years.  $391,000

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

  Jersey City , NJ        Mix-use Building & Business.

  From Hard Private Loan of $333,000 at 16% interest 

   for 1 year. To a Perm of  5 years + 5 Years

  at 7% amortizing over 30 years.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

  Roxbury MA from Fire Renovation to Perm.

Ending up with a $685,000 loan for 10 years

at 9.75% interest amortization over 20 years.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Church/Retail not all lenders wanted this type of mix-use property. The purchaser who had a 697 score was paying only $165,000 for this East Orange , NJ small 5 store strip center. The first mortgage request was around $90,000 but the borrower could not find any lender willing to fund maybe do to type of tenants or low mortgage amount. The borrower’s broker went to the web and found Met and within 10 working days we produced a 15 year mortgage at 10.99% with a 4 year pre pay. Closing took about 30 days.

Island Development project needed a quick $4,000,000 in Mount Arlington, NJ,.to keep this 380 unit home development land site from having it's note called before the borrower could finalize it's sale to a major developer. The sale could be in the area of $12,000,000. Met was given the request on Monday and forwarded it's investors LOI on Wednesday and closed the request several days after the signed LOI was returned at 13% and 6 points for 12 months. Needless to say the borrower now has time to negotiate his sale in a timely manor to his satisfaction.

Movie Theaters Get Private Bridge Loan.
Pennsylvania: An independent owner of two movie theaters was under the gun when her bank was taken over by a larger institution and would not reinstate the loan when the note came due. The bank gave the borrower an extension after they seen our LOI. After we did all the necessary underwriting we produced a $350,000 loan that paid off the existing liens with some dollars left over to update the sound systems

No credit rating mix-use refi with just two collections as his credit rating. Borrower owned this property for several years and wanted to cash-out to purchase an additional property but after he had two payment problems he decided to only use cash and not credit giving him no score rating. The good news is that our investors are not FICO score driven but consider the property and equity and based on this they gave this Newark . NJ property a new loan of $160,000 to help the borrower enhance his holdings

To small for most lenders was this request for $60,000 on a mixed-use build in Jamaica New York. The borrower had mixed credit and need the funds for minor improvements to his property. After several turn downs from local lenders he contacted a local mortgage broker who forwarded the request to Met. Needless to say Met arranged an LOI within 3 days of the request and renovations will be starting soon.

Two Diners, Two States, Two Mortgages and too many problems for this restaurant owner to find 1 institutional mortgage to help him reduce his monthly payments. The borrower’s credit was weak and 1 Diner need updating. Their broker tried many lenders for the properties in NJ & MD but had no success. They finally found Met Mortgage and within several days we got them a formal Letter Of Intend. This request did take longer then normal to close do to cross judgments, out of country debtor and two mortgage holders. The out come was a single mortgage for $418,000 at 9% interest fixed for 15 years.

Bankruptcy Bailout. A hard working couple in Union City , NJ had some past problems and all they had left was this well kept 6 family property valued around $600,000. The problem was the borrower had bad credit and was just into a Bankruptcy that they did not want to do. Our investor viewed the property and bypassed an appraisal so we could close as soon as the title work was completed. Within several days all the parties were ready to close as soon as the court paper work was satisfied. The borrower received $300,000 in a short period of time at 14% interest  for a 2 year term.  

Cash Out not available from all banks. A Hillsborough NJ fast food building with 2 apartments above need money to fix up the building. The borrower with normal credit applied to several financial institutions but was turned down because he requested $125,000 cash out on a $300,000 property. No problem with Met's lender, they advanced the money at 6.75% for 25 years within a 45 time frame.  

Taverns are a no no. A borrower wanted to purchase a 4 family with a tavern and Laundromat in Paterson , NJ . But all the places the borrower approached said sorry not for us. No problem for Met, our institution liked the property and building income and was happy to commit to a 15 year term with a 25 year payout at 8.375% on the purchase of $225,000. Drinks on the house.  

Re-finance or lose the property our client was told by the court and time was of the essence. Problem was the borrowers score was around 500 and the property is an auto body repair shop. The shop located in Passaic , NJ was in normal condition for its type use but not a favorite of all lenders. No problem for Met. Our people viewed the property and quickly oked a 60% LTV and closed shortly there after.

Mon stops son’s foreclosure. A newly married couple were doing well for a few years until the economy went bad and they were about to lose their home. Mom comes to their rescue and pays their back mortgage payments and keeps it current until the couple got on their feet again, in doing this she got far behind on the mortgage and  taxes on her 4 family and store in Union City NJ . The building was appraised for $525,000 but she had a 1^st & 2^nd mortgage totaling 68% LTV and needed a deal-making lender. Met spoke with the second mortgage holder and got them to subordinate to a first given by our private investor. We closed the request in 9 working days. Now mother and son can sleep well knowing all is getting back to normal.

Met fills void in this Allentown PA 9 family. This building is not in the best area of town and was 50% vacant, the selling & listing brokers had no luck in finding a lender and were about to lose the sale until the purchaser found Met in his local phone directory. Within 3 weeks the request was funded with a small seller hold back getting the buyer a 15 year term @ 8.50%.

Newark New Jersey Law Student needed help in securing a $200,000 mortgage on a 3-story vacant office building, the borrower was purchasing for her practice. It seemed she fell behind in her student payments and the building had no immediate income to support a loan, so of cause all local banks turned her down. No problem here, Met’s private investor inspected the property had an appraisal done and committed to a 15 year loan at 55% LTV. Case Settled.

Met helped avoid a fender bender. NJ Auto Body Shop owner built a new repair complex for his business from credit cards, a few small loans and personal cash. When all was said and done the property had a value of $600,000 but the borrower was a little over extended and the local banks just would not commit. After several months of completing applications the borrower through a friend contacted Met. The borrower had no problem in securing a quick loan through our investors but did have to pay semi-hard rates..

Prayers and Met help this request get funded...... A small church group owned a 2 unit commercial building on Jamaica Ave. in Richmond Hill, NY. They borrowed a short term construction loan to update the two tenant's store fronts to bring in market rents. The loan came due and for 4 months the borrower tried to get a new mortgage but because the church owned the property and the loan amount was only $220,000 there were no takers. Their prayers were answered when they found Met. Within a short period of time they had the monies needed for a 20 year period at 10.88%.

Vermont full cash out request. Developer needed $400,000 to continue a small home project. All the lenders he approached would not consider his request because it was 100% cash out (no mortgage on property). This 5-unit office building was appraised on a Monday and closed the following Monday by Met’s private investor. No questions asked to where the funds were going.. Term was for 15 years. Builder really dug our lender.

Hispano American Grocery Store owner wanted to purchase the mixed-use building he occupied in West New York, NJ, but do to a low income and no credit, his bank rejected his request like yesterday day old bread. The borrower checked the Yellow Pages and found Met (under commercial loans). Met’s agent visited with the borrower, did the underwriting and knew the borrower had more then enough income with the two apartments over his store, the no credit issue was not a problem with our lender. After normal due diligence, the store owner received his $150,000 mortgage request and became a proud property owner in this great country of ours. God Bless America……

Ohio Fast Food Fried Chicken store needed $400,000 fast to pay off their construction loan that was past due and many other creditors. This request had many problems but Met's investor came through with a 15-year loan at 10.5% and stopped any embarrassment to the owner and business. Chicken Anyone! 

Funeral Home in Mississippi Needed A Quick Loan to remodel & buy a new Limo. This request for $370,000 was not easy, do to the type of business, but Met uncovered a investor who had no problem shoveling out their money for this type of request and closed in a record period of time.

Janitor makes good! A hard working emigrant who worked most of his adult life in the US saved his money while putting several children through school decided to purchase his own 22 unit apartment building but couldn’t find a local bank to fund his request because he did not establish the proper credit route by having a bunch of credit cards. Can you believe it a $690,000 purchase with a normal down payment and no body wanted to fund this request? Well Met had no problem cleaning up this problem by securing a 25 year mortgage at 8.25% 

Bad Credit doesn’t stop Met from securing a $248,000 mortgage for this young couple whom inherit a mixed-use property from a family member. The wife had weak credit and the husband was only in this country for several years with very little established credit. The borrowers needed to pay off a first mortgage and other debt but most banks they tried said no good. So they came to Met for help and in 2 weeks had a commitment for 15 years over 25 for 8.75%.

$1,100,000 dollar expansion. Wayne, New Jersey restaurant owner wanted to expand his business base by purchasing the parking lot across from his famous Italian Bistro. To do this he had to consolidate several mortgages and raise cash to purchase the land. Met not only figured out how to consolidate & purchase but also got one of it regional banks to lend the monies needed at a low 7.75% for 15 years with a 25 year payout. The pasta flowed well that night. 

North Bergen NJ Restaurant owner retires and rents out their restaurant for a monthly income to help them in their senior years but finds they need cash to pay off bills and notes that is eating into the income & savings. Happily Met finds them a local bank that is pleased to lend them $850,000 for a 10-year term with a 25-year amortizing at 2.25BP over the 5-year TB. All ate well that day. 

Electrical Contractor finds electrifying results when approaching Met Mortgage to get funding for a mixed use property in Ridgefield, NJ for his business use. The contractor came to Met when his local bank said sorry but just wasn’t funding mixed-use properties at that time. Met found a regional bank within a week of getting the paper work from the borrower and same was closed in a matter of several weeks. 

Vacant older restaurant, in Hudson County, NJ with 5 occupied apartments needed a loan fast to pay some hungry bill collectors and to keep the empty building in proper condition until it could be rented. Met’s private investor came along with $355,000 for 12 months at 14% and no pre-payment penalty to save the day. 

Garden Center gets quick funding before going SBA to pay off private loan. A 6 acre agricultural farm and retail center in Massachusetts was being sold to a local borrower who had to lock in the sale before his SBA loan was underwritten, so to the rescue comes one of Met’s private lenders with $490,000 at 16% for 6 months to save the sale. 

Restructuring funds of  $495,000 helps this small constructing firm in New Jersey get on it feet and bid for several new accounts that would have been lost with out our investors private bridge money for a 5 year period at 16% and only a 1 year pre-payment penalty if the contractor seen his way out sooner.

Island City Auto Body business Gets Quick SBIC Loan. The owners of this 50 year old business had some hard times and were ready to lose their property out from under them. They came to Met for a fast Hard Money Loan in the amount of $200,000 but 5 days before we were ready to close they found out that their property was sold under a tax sale and needed an additional $50,000. The Met team had to do some fast thinking and quickly switched the borrowers into an SBIC program giving them $250,000 and be leave it or not we closed one hour before the tax purchaser would have claimed the property and the borrowers would have lost it for good.

Foreclosure Stopped A 12,000 sq ft, two story, light industrial warehouse/garage located is South Jersey, was 22 days away from final take over. The owner tried to negotiate with the bank and several other lenders. Borrower could not get to the closing table until he contacted Met who arranged a $205,000 loan for 15 years fixed and saved the day.

40 year old commercial building
Met Mortgage Corp is pleased to announce the closing of a $275,000 mortgage on a 40 year old commercial building located on City Island in the Bronx, New York. The property is presently lease to a tenant with approximately 1 ½ years remaining on an existing 10 year lease. Met Mortgage Corp was able to place this difficult to finance property, do to the short term remaining on the lease, with one of Met's savings bank. The loan was underwritten on a 5 year term with a 30 year amortization at an interest rate of 8.875% based upon a 50% loan to value ratio.

European Tanning Salon Gets Signature Loan The salon located in Huntington Station, NY received through the efforts of Met, a $200,000 loan without the owners placing their real estate as collateral. This loan left their property unencumbered for future borrowing.

MIXED USE PROPERTY GETS 10 DAY CLOSING Met SAVES a purchase, by producing a fast closing, and saved deal before contracts expired! A Spanish/Portuguese restaurant/building containing commercial space and two apartments. Located at 33 Pacific Street, Newark, NJ. The lenders the borrower approached, previously, could not give him the speed he needed to close a short fuse contract. Chef DeManuel was saved from loosing his down payment! MET DELIVERS!

REFINANCE OF 70 YEAR OLD OFFICE BUILDING Met Mortgage Corp., located at 501 56th Street, West New York, New Jersey is please to announce the closing of a $2, 524,800 refinance of a 70 year old building in Staten Island, New York. The loan, provided through one of Met’s source, was closed at an interest rate of 9.875% based upon a 25 year amortization with a 7 year maturity. The loan was underwritten at a loan to Value Ratio of 70% with a Debt Coverage Ratio of 1.35X.
The 42,500 sq. ft., 6 story building is 100% leased, with 83% of the space leased to a non-profit organization. Met Mortgage worked closely with both the owner of the building and the lender to accomplish the refinance of this difficult to finance property.

Foreclosure Stopped A 6 family complex in Paterson, NJ on 18 Street was ready to be foreclosed and the borrower thought he exhausted all his options until he called Met. It took only 10 days to get an appraisal, do all the underwriting and close.

MET ARRANGES $2.4 MILLION LOAN on two story Plaza West New York, NJ-based Met Mortgage Corp. has arranged a $2.4 million permanent loan to replace construction financing. The interest rate was set at 9.375% with a 25-year amortization and a 10-year call provision. No personal guarantees were required. Funded at 70% of appraised value. The subject is Palisades Park North, Inc. and is located on Broad Avenue in Palisades Park, NJ. This shopping center consists of a mullet-tenant two-story basement/elevator building completed in 1992, containing 20,209 square feet and is 100% occupied. The negotiations were handled by Met Mortgage's CEO, Paul Falzone The lender is a South Carolina bank, which was counseled by the NY law firm of Brown and Wood. David Watkins represented the borrower.

Office Warehouse takes Hard Money Loan Met Mortgage Corp. has arranged a $750,000 private bridge construction loan on an 80% completed 20,000 sq ft structure, located in Hartford ,CT. Term was for a one year period at hard money rate & terms.

Mixed-Use property receives $790,000 Mortgage Met Mortgage Corp. has arranged a First mortgage on prime Bergenline Ave. property in West New York, NJ. The Mix-use building contained 6 apartments 7 stores and a parking lot. The lender gave a 15 year mortgage fixed for 5 years @ 2.75 over the 5 year Treasury, adjusting the same each 5th year.

Furniture business and building gets $1,100,000 in 20 days Met Mortgage Corp. secures fast hard private loan to stop foreclosure on warehouse office & furniture company in Paterson, NJ. Term was for 1 year with lender option for 1 additional year at hard rate & terms.

16 Family Building funded in 30 days Met has arranged a First mortgage on a 5 story 16 unit apartment complex in New York City on Grant street. The loan had to close fast to stop the purchase by a second bidder. The borrower from Brooklyn received a $320,000 mortgage fixed for 15 years at 15% interest with prepayment ending in 18 months.

Some of Met's Passed Closed Transactions:

*MET makes no representations or warranties as to the accuracy or the veracity of the information contained herein or supplied at a later date in conjunction with this site and assumes no liability therefore. It is being shown for information purposes only . The sole purpose of these programs is to assist the recipient in deciding whether to proceed with a further investigation of a mortgage request. 

This page does not purport to be all-inclusive or to necessarily contain all the information on the above general information. 

Met makes no representations or warranties, expressed or implied, as to accuracy, quality or completeness of the information contained herein. Met expressly disclaims any and all liability which may be based on such information, errors therein or omissions there from.

Met can not commit any Lender / Investor to provide financing or other wise act on their behalf.  

Met’s services are purely advisory & administrative in nature

and the prospective borrower should recognize that MET is not an affiliate of any lender.

© 1997 Met Mortgage Corp. 

Commercial Institutional Financing through out the US. Private Funding Hard Money, Apartments, Bridge Loans, Equipment, Office, Retail, Self Storage, Health, Hotel/ Motel, Industrial & Mixed-Use. Note and Mortgaging Purchasing.