Gala poised for banner year

Real Estate Weekly,  June 9, 2004  

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On the heels of the strongest quarter in its 14-year history, Gala Resources LLC, a New York-based direct lender providing short-term mortgages to real estate investors. dealers, and builders, has posted record-breaking April results.

The firm closed 68 loans in April, well above the company's average range of 40 to 50, said the firms principal and COO. Alan Haberman Overall closings totaled $11.2 million. up from March's total of $10.4 million.

The results mark a steady, month-to-month increase over the past four months.

Market conditions are still favorable for real estate investment Haberman said, as residential construction continues to boom and investors seek available commercial properties. He believes that investors are turning to Gala because of its "investor-friendly" atmosphere offering fast closings and loans prepayable at any time without penalty.

"Investors of all types are eager to jump into the real estate market with both feet," said Haberman. "As a result of this activity, Gala is rapidly expanding its customer base nationwide and our average loan size has increased 30 percent thus far this year."

Notable April closings include a $1 million land acquisition and construction loan for three two-family homes in South Ozone Park in Queens, a $800,000 land acquisition and construction loan for three three-family homes in Brooklyn's Park Slope neighborhood, and a $535,500 bridge loan for land acquisition in Crown Heights in Brooklyn.

On the national level last month, the firm closed a number of loans in Gary, Indiana and various locations in Illinois. Gala also completed transactions in Washington, D.C. and Connecticut.

COPYRIGHT 2004 Hagedorn Publication
COPYRIGHT 2004 Gale Group