Magnetic Advisers and Local Bank Fund East End Construction Project.
First participation loan for Magnetic Advisers.
BAYPORT, N.Y., Feb. 9, 2011 /PRNewswire/ -- Magnetic Advisers, in cooperation with a local commercial bank have resolved a unique financing opportunity for a new construction project in Sag Harbor, NY. Magnetic Advisers was able to move quickly to implement the funding solution. Under the participation agreement, the bank and Magnetic Advisers will provide the funding pari passu.
Credit Market dislocation has made it challenging for businesses to access traditional credit facilities. "We are pleased we could affect this loan and provide needed financing in our own backyard," said Chief Financial Officer Tom DiGilio. The project will take 12 to 18 months to complete. "It represents a solid risk adjusted return for us," DiGilio went on to say.
Magnetic Adviser is the investment manager providing short term financing solutions to qualified borrowers. Employing the identical underwriting standards as any commercial bank, Magnetic Advisers believes that it can control risk in its investment portfolio while attaining higher rates.
Contact: |
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Magnetic Advisers |
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982 Montauk Highway |
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Suite 3 |
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Bayport, NY 11705 |
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1-631-868-3304 |
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www.magneticfund.com |
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SOURCE Magnetic Advisers
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