Mountain Funding closes joint venture funding with G&L Development Company.Mountain Funding Inc., a real estate investment company, has closed a joint venture agreement with G&L Development Company to develop a 40-lot custom home subdivision development in Sparta, Sussex County Sussex County may mean: In the United States:
The real estate investment firm provided a $11.4 million mortgage buyout and construction loan to the developer. "We are pleased to have Mountain Funding as a joint venture partner in the development of this community," said Vincent Lally, president of G&L Development. "Mountain Funding was able to provide the equity needed to jump-start the development. In addition, the financial structure was instrumental in allowing us to downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. our housing product to make it one of the most attractive custom developments in the area. Their ability to understand our complex financial situation and close quickly made them an extremely attractive as a joint venture partner." Based in Parsippany, NJ, Mountain Funding is a real estate investment company that provides debt and equity capital for medium and large size development projects. Providing loans and joint venture funding for acquisitions, development, construction, bankruptcy and opportunistic transactions, Mountain Funding funds capital needs of between $2 million and $25 million. "As was the case with G&L Development, we believe that joint ventures, participating loans and 'GAP' financing are the major needs of developers, builders and real estate owners in the late 90's," said Fioretti. "Different from banks, our criteria focuses on the track record and reputation of the borrower and the viability of the property; not personal guarantees or project cash-flow. We fund acquisition and development costs that banks won't finance. Because we are also developers, we are quick to analyze and assess even the most complex development projects. Unlike individual investors, we don't want management control, Our funding procedures come with consistency and we deliver what we promise." Mountain Funding provides financing nationwide for various types of projects, with a focus on for-sale residential development projects. In addition, they provide funds for existing commercial properties, bankruptcies and opportunistic real estate transactions. Mountain Funding's principals hold membership in the National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States. Headquartered in Washington, DC, the association organizes one of the largest conventions in North America, The International Builders' Show, which draws more than , Urban Land Institute, Associated Bankruptcy Institute, and the New Jersey Realtors Association. They have acquired, built, and sold approximately 25 developments in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of tri-state region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. , with an aggregate value in excess of $150 million. Because of their developmental experience and their affiliation with reputable real estate brokers, appraisers, and attorneys, Mountain Funding is able to complete due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex and close within one to four weeks after an agreement is signed. Most recently, Mountain Funding has closed on a $2.2 million acquisition and construction loan for a 20-lot subdivision in Somerset County Somerset County is the name of four counties in the United States and one in England. See:
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion