In Holmdel, $850,000 in funding was obtained by Jiah Corp., a New Jersey corporation controlled by the Halaka family, for a one-year term with an interest rate of 12%. The borrower’s property is situated at 2055 Route 35 in the Monmouth County community, and consists of a one-story Exxon retail gas station that includes a service bay and a snack shop on a half-acre site.

In West Orange, $650,000 in financing was provided to Prospect of New Jersey, Inc., similarly carrying a one-year term at an interest rate of 12%. The borrower’s property at 486 Prospect Avenue in Essex County consists of an Exxon retail gas station including a three-bay auto repair shop on a .61-acre parcel.

“In both cases, the borrowers were seeking short-term loans until they are able to arrange for permanent financing with a regional or national lender,” said Hornik. “In Holmdel, the borrower needed to close quickly relating to a ‘time of the essence’ closing. Proceeds of the loan were utilized to enable the borrower to purchase the real estate from the Exxon Mobil Corp.”

“And in West Orange, the borrower similarly needed a bridge loan quickly in order to close on the property prior to obtaining permanent financing,” he said.