ReCap secures $9.8 Million In Financing For One Of NYC's Largest Chinese Funeral Homes

NEW YORK - Jan. 13, 2019 - PRLog -- Real Estate Capital of America (ReCap) has just secured a two-part loan for one of the biggest Chinese funeral homes in Queens. The existing building has been refinanced and an added extension is now financed as well, for a total loan value of $9.8 Million.

The bulk of this loan was granted in the sum of $7.3 Million, making this refinance 85% loan to value for the existing property. This loan also allows for the construction of a building addition next door, increasing the total size of the building and the loan size by $2.5 Million.

Special use property such as funeral homes is often tricky to finance. Funeral homes present an additional challenge because of the difficulty faced during foreclosure when assets are being liquidated. Another aspect that makes these loans difficult, especially involving new construction, is that zoning laws in New York City are particularly restrictive when it comes to funeral homes.

ReCap specializes in the facilitation of difficult commercial real estate loans, and this is not the first time the boutique firm has successfully obtained a loan for a funeral home. In 2011, ReCap worked with lenders to secure $16 Million for a funeral home client. Commercial refinancing is notoriously difficult in general, and this is especially true when it comes to loans for any special use commercial property.

Real Estate Capital of America creates bridges between their large network of lenders and commercial clients. Brokers at Recap excel at securing mortgage loans under challenging circumstances. Sometimes both foreign and domestic clients require skilled consulting to navigate the world of commercial lending; these challenges are met with the highest expertise and customer service from the leaders at ReCap.

Speaking on ReCap's philosophy, COO Johnny Su explains, "Recap is different; we continue to fund tough loan cases via our strong relationships with vast network of lenders, both domestic and foreign, and unparalleled access to capital market."

Learn more: http://recapny.com/