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Short Term Lender Gets Funding
By James Comtois
TABASFUNDING, a Haverford, Pa.-based venture funding firm, has provided about $350,000 in business funding to BNR Funding, a relatively young company that specializes in short-term bridge loans for real estate investors and business owners.
According to BNR, which has been in the private lending business for a little more than a year, TABASFUNDING's funding has made it possible to continue BNR's expansion plans. "My partners and I have been in the real estate business for a long time, but we got into the private lending business since around October 2005," said David Bartholf, Esquire, a principal at BNR.
BNR intends to leverage these funds from TABASFUNDING with money from other sources. "TABASFUNDING's faith in us allows us to continue the expansion of this...concept," David Bartholf added. "Our borrowers find short-term opportunities to buy and sell real estate at a profit. We provide them the ability to close using 'cash' in 14 to 21 days. Repayment occurs typically between two months and one year. We believe there will be continuing opportunities to grow in today's soft real estate market."
Principals of BNR are David Bartholf, who acts as manager and legal counsel for BNR; Greg Mangasarian, who acts as a financial consultant for the organization; Frederick Bartholf, Jr., who analyzes the real estate being offered as collateral for the transactions; and Kevin Bartholf, Sr., who is an accountant that handles all bookkeeping matters.
"We'd like to be able to build our portfolio to level out any delays in repayments but we're looking to bring in a lot more capital to work with investors that are getting shut out of banks," David Bartholf added. "We're always looking for more capital from potential investors to keep our expansion going."
TABASFUNDING provides funding for entrepreneurs to expand and to acquire businesses. The company typically provides funding from $100,000 to $750,000 - though sometimes more - to businesses in Pennsylvania, New Jersey and Delaware. Funds are provided in the form of flexible loans. All types of businesses are considered and loans are not collateral-driven.
David Bartholf said that BNR Funding currently does business only in Pennsylvania, although the company plans to expand to New Jersey and Delaware in the future. Its website is in the works.
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