Titan Capital ID funds $7.5 million line of credit
Bronx, NY Titan Capital ID LLC has funded a $7.5 million line of credit secured by a portfolio of 120 multifamily properties. Built, owned and managed by a long time client, a well-known developer, the portfolio of properties consist of 659 stabilized and market-rate apartment units generating annual NOI of $8.98 million. Based on the long-standing relationship between the two parties, the borrower approached Titan to secure a revolving line of credit for use in acquiring and developing additional properties. It was the borrower's intention to avoid the bureaucracy and red tape associated with traditional lenders and enable his firm to have the flexibility it needs in a competitive market. With over $40 million in owner's equity, Titan was up for the challenge and was able to underwrite and commit to funding the loan quickly with flexibility and creativity.
Story ran in the New York City section on 06/25/2013