ESSEX COUNTY, NJ-David Trager, president of Chatham, NJ-based Target Capital LLC, recently closed a short-term acquisition and development loan on a partially completed for-sale town home community here. According to Trager, the loan is "a commitment in excess of $4 million."
He goes on to add that "Target Capital continues to see opportunities for both investors and lenders as the real estate market and general economy continue on a path of uncertainty."
In this case, Target Capital's borrowers had an opportunity to simultaneously acquire both the prior lender's mortgage loan and fee title from the prior property owner. Most importantly, Trager tells GlobeSt.com, "the borrower needed a lender able to close quickly and understand the complexities of a broken for-sale residential project that included multiple lien holders and approval, construction and development issues.
Target Capital is a private lender that serves real estate owners, builders and investors in New Jersey and Pennsylvania. It locates capital for acquisitions, repositioning, pre-acquisition land entitlement, land development, construction, bank workouts, foreclosures, partner buyouts, mortgage acquisitions and vacant buildings.
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