Rockhall Funding Corp, funds 35 year, non-recourse loans totaling $32.3 Million and provides over $9.5 Million of cash out for a portfolio of three Brooklyn, NY, low income properties

Rockhall Funding Corp, funds 35 year, fully amortizing, fixed-rate, non-recourse loans totaling $32.3 Million and provides over $9.5 Million of cash out for a portfolio of three Brooklyn, NY, low income properties

Sunset Park,  NY –January 10th, 2012—“Rockhall Funding Corp, an FHA MAP Lender, funds 35 year, fully amortizing, fixed-rate, non-recourse, loans totaling $32.3 Million and provides over $9.5 Million of cash out for a portfolio of three, Brooklyn, NY, low income properties. The Sunset Park portfolio includes 380 scattered site apartments units which were mostly built in the early 1900’s and gut rehabbed in the early 1980’s.  Rockhall utilized the current financing to pay off the existing mortgage, reduce the note rate, finance repairs and provide cash out. An important part of the repairs funds included reserves to maintain the buildings throughout the loan term.