Titan funds $3.6 million loan for TriBeCa co-op

Titan Capital ID LLC has funded a $3.6 million loan secured by a newly constructed, 12,000 s/f TriBeCa co-op. This completed project was funded by a $5 million construction mortgage and contains two duplexes and one triplex with an expected sellout of $17.5 million. Working with a long-time client, Titan was able to structure the loan in a way that allowed the developer to quickly pull out equity for use on new projects while ensuring that the loan was secured. Titan was able to offer its client flexibility in its repayment schedule, allowing two of the co-op's three units to be sold with no required pay down. Instead, all sales proceeds will be used to pay off an existing $5 million 1st mortgage, leaving Titan with a 1st mortgage on the remaining unit listed at $6.8 million. Due to Titan's structure, the borrower had access to its equity months before the project was completely sold out. About Titan Capital ID LLC: Titan Capital ID LLC is a Westport, CT based direct private lender with satellite offices in Manhattan and Miami Beach. Since its inception, Titan's team has originated, purchased and managed over $2,000,000,000 in mortgage-backed securities, delinquent tax lien portfolios and equity positions in a variety of real estate assets. With over 50 years of collective experience, Titan has cultivated a well-earned reputation within the real estate community, while lending on virtually every type of commercial real estate asset including mixed-use, multi-family, retail, condominiums, land and new construction. Titan's ability to quickly analyze, commit to, and finance a wide variety of deals, has made it the premier bridge lender in the Tri-State and South Florida markets. For more information please visit: http://www.titancapital.com.