GNS Funding Corp recently arranged financing in the amount of $1,648,000 for the acquisition of a condominium unit in The Element Condominium located at 555 West 59th Street in New York City. The transaction was negotiated by Eric Sidman.
New York, NY (PRWEB) May 8,2008 -- GNS Funding Corp. (www.gnsfunding.com) recently arranged financing in the amount of $1,648,000 for the acquisition of a condominium unit in The Element Condominium located at 555 West 59th Street in New York City. The transaction was negotiated by Eric Sidman.
The borrower, a repeat client, requested 80% financing. "Lenders are very reluctant to offer this level of loan to value; however because of our long standing relationships and in-depth market knowledge we are still able to arrange excellent financing terms for our clients," remarked Sidman, Managing Director of GNS Funding Corp. Sidman negotiated a first mortgage rate of 5% and a second mortgage rate below prime. Mr. Sidman tapped into his network of lenders to obtain an incredibly competitive interest rate. "I work diligently to search high and low for the best possible rates and programs and my clients appreciate it."
Recent losses by Investors on Wall Street have made it increasingly more difficult for individuals to obtain mortgage financing as many lenders have reduced the availability of credit or in some cases exited the residential mortgage business altogether.
Founded in 2003, GNS Funding Corp. is one of the New York City's fastest growing mortgage brokerages serving both the residential and commercial real estate sectors. The company is based in New York City with additional offices in Miami, Florida. Working with a wide variety of lenders, GNS Funding Corp. arranges financing for transactions ranging from $250,000 to more than $500 million for single family, condominium, multifamily, co-op, office, apartment and hotel properties.
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