Procida Funding Provides More Money, Opportunties And Advice Than The Big Banks

Feb. 4, 2011 - PRLog -- (ENGLEWOOD CLIFFS, N.J –February 3, 2011) – Billy Procida grew up in real estate and development, learned at an early age his passion for real estate and has always kept his pulse on the current trends. Procida is once again leading the industry by working with local contractors, developers and private investors by providing funding for foreclosures and short sales within the Tri-State area with his Fix ‘Em & Flip ‘Em program. With the expertise and resources that Procida brings to the table both capital and training and advice, his Fix ‘Em & Flip ‘Em program, a new venture to provide capital to builders and investors who buy and renovate one- to four-family homes and small mixed-use properties in Tri-State area, is turning the current economic crisis into an opportunity.

Founder and president of specialty real estate, investment banking and turnaround management firm William Procida Inc., Procida has long recognized that profitable and purposeful real estate begins locally. Procida funding has financed more than 32 loans and over $10 million in 2010, handling more foreclosures/short sales in the Tri-State area than any of the major banks in the last year. “This is a challenging time for so many but it is also a time that is affording opportunities and Procida Funding wants to do whatever we can to assist tradesmen and contractors who are looking to become developers. When one door closes, another opens and by working with Procida Funding we’d like to help convert that one door, from let’s say a one unit home, into dozens of doors from a multiple unit complex,” said Procida.

Dubbed "The Original Apprentice" by The New York Times for his work with Donald Trump, Procida likes to bring his national experience to the local level. "Local communities are in a crisis. Foreclosed homes are piling up, but banks aren't lending, particularly on properties that require extensive renovations and fast closings. We're taking expertise developed while working on major projects and bringing it to the local level, providing the builders with capital as well as guidance to rehab properties efficiently and get them into the hands of suitable buyers," said Procida.

Procida decided to launch Fix ‘Em & Flip ‘Em about a year ago after seeing the dual effect foreclosures and bank stringency was having on builders. In 2009, according to RealtyTrac, foreclosure filings were reported on 2,824,674 U.S. properties; For Example, New Jersey has the 14th most foreclosure filings, more than 63,000. Foreclosed homes are often pillaged for sellable materials and neglected, quickly becoming eyesores that hurt their neighborhoods and bring down property values.

"With the right oversight and access to responsible funding, I believe that local builders/small business owners can be the impetus to turn their communities around," said Procida.

The Fix ‘Em & Flip ‘Em model was tested in 2009 with 16 loans in Bergen, Hudson and Union Counties. Tony Morfesis and his son were loan recipients through Fix ‘Em & Flip‘Em and recently bought and renovated three homes in Bergen County. "The closings were quick and easy, and the cost was substantially less than if we brought in a partner," saidMorfesis.

Clients of  the Fix ‘Em & Flip ‘Em program receive guidance from Procida and his team, drawing upon  25+ years in real estate, construction and marketing.  A direct lending  program, Fix ‘Em & Flip ‘Em allows buyers to close quickly so they can get to work quickly.
Prospective clients can contact Fix ‘Em & Flip ‘Em through www.procida.com or 201-871-1177.


About Procida Funding, LLC

A leader in the industry, Procida Funding provides loans, makes investments and has completed transactions aggregating over $2 billion of debt and equity. Procida Funding provides an array of advisory and investment banking services to Real Estate and middle market corporate clientele, which include development and construction oversight to capital raises and debt restructuring and marketing.
Procida Funding’s impressive list of clientele include GMAC, Harbinger Capital, Ritchie Capital, National Penn Bank,
Bear Sterns, and Bayonne Medical Center. William Procida Incorporated is the parent company founded by 30 year Real Estate, Construction and investment-banking veteran, Billy Procida.

About Billy Procida

Procida, a former NYC Real Estate Developer of the Year, has received numerous accolades from the industry including the pillar of the industry award from National Builders Association. Further recognition includes “Man of the Year” honors from the Mortgage Bankers Association, Bronx Chamber of Congress, The American Jewish Congress and the Mid Bronx Desperado's as well as a Citation of Merritt from the Bronx Boro President. As an expert in the field, Procida is a regular on TV outlets such as CNBC and FOX; has had more than 50 articles published and has lectured at prestigious universities such as Columbia, Yale, New York University, and Kutztown University, as well as dozens of trade associations. He has also served on the board of Table to Table since 1998.  The Founder and CEO of Palisade Financial, which completed over $1 billion of real estate investments as fund manager achieving returns of over 17% for his investors during his tenure from 2002 to 2007.


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