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Hard money lender Riverdale Funding, LLC has this month closed nearly $10 million of bridge loans in the state of New York.
New York, New York (PRWEB) July 16, 2014
Riverdale Funding, LLC has this month increased the amount of bridge loans executed in the state of New York to a total of $9,693,000. The hard money lender has provided a total of 18 loans in the Empire State, for single-family buildings, mixed-use properties, apartments, office buildings and a bed and breakfast.
Were thrilled to have issued borrowers in New York bridge loans to help finance their projects, says Joe Hughis, Vice President of Riverdale Funding. Our ability to issue a loan based on the value of an asset removes unnecessary burdens from borrowers who are typically asked for credit scores and financial documents when trying to secure a loan.
Riverdale Funding portfolio continues to grow through the second quarter of 2014. Hard money loans are typically used for projects such as commercial real estate investment and commercial or residential development. Closed commercial real estate property loans have included funds for investment houses, offices, mixed-use commercial buildings, and investment properties. Because Riverdale Funding is a direct lender, the funds are transferred to the borrower quickly without the credit burden imposed by banks or traditional lenders.
In contrast to bank loans, which often require borrowers to have a high credit score over 700, hard money loans do not have a minimum credit score requirement. Riverdale Funding does not need your credit score or financial documents in order to issue a loan. Investors, brokers, and borrowers may apply for a commercial loan by filling out the form available on Riverdale Funding, LLCs website.
A variety of real estate properties in New York can qualify for a hard money loan from Riverdale Funding, LLC. Multi-unit residential buildings with at least five family units can also be eligible (in a corporate or LLC name). Smaller residential buildings, with one to four family units per building, can also qualify if they are not occupied by the owner and are listed in the name of a corporation or LLC.
More information is available on the companys website at http://www.riverdalefunding.com/, and interested investors can call (866) 988-3146 to speak to a Riverdale Funding account executive.
About Riverdale Funding, LLC: Riverdale Funding, LLC is a commercial hard money lender that operates throughout the United States. The company specializes in non-traditional private commercial loans for real estate investors and developers.
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