METROPOLITAN FUNDING CORP.

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METROPOLITAN FUNDING CORP. Financing the future Home

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" Make MFC your commercial real estate finance one-stop shop."

Company

Metropolitan Funding Corp. is a full service commercial real estate mortgage . . .

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Recent Closings

Since the Company's inception, it has originated over $5 billion in mortgage loans.

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Our Services

- FHA Multifamily

- FHA Healthcare

- Loan Servicing

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About Us

Company History

Metropolitan Funding Corp. (MFC) is a full service commercial real estate mortgage banking firm and is an approved FHA Title II Non-supervised Mortgagee and FHA Multifamily Accelerated Processing (MAP) lender. Through the FHA mortgage insurance programs, MFC provides long-term, first mortgage financing for new construction, rehabilitation, refinance, and acquisitions to multifamily and healthcare owners and developers nationwide. MFC was incorporated on July 18, 1991 in the County of New Castle and the State of Delaware. On April 29, 1992, MFC filed with the State Secretarys office to do business in the State of New York under the name of Metropolitan Funding Company of North America. Applicant commenced its FHA mortgage insurance business operations on January 1, 1992 after receiving the FHA Title II, Non-supervised Mortgagee designation. In May 2000, HUD adopted the MAP program as a new processing procedure designed to establish national standards for FHA approved multifamily lenders to prepare, process, and submit loan applications for mortgage insurance. MFC was approved as a MAP Lender in May 2000. Originally established as an exclusive HUD/FHA lender, the company expanded its ability to meet borrowers changing requirements by establishing its own Direct Fund programs.

About Us

Current Business Plan Overview

In the past year ending June 30 2010, MFC originated in excess of $179 million in FHA multifamily loans. Since inception in 1991, the Applicant has originated over $5 billion in mortgage loans of which 85% were underwritten through FHA mortgage insurance programs. Since the advent of HUDs LEAN Program, MFC has underwritten over $100 million in LEAN healthcare transactions, including the first LEAN refinance FHA Commitment issued in the country. MFC has expanded its operations to retain mortgage servicing rights for all or most of the loans it originates and contemplates purchasing existing servicing portfolios and entering into subservicing agreements with other FHA and GNMA approved servicers. It specializes in servicing FHA insured construction and hospital loans. The company has a number of established relationships with banking firms seeking to utilize the FHA multifamily insurance programs coupled with the Ginnie Mae mortgage backed securities programs to restructure their portfolios of conventional multifamily loans

Company Operations

MFC is headquartered in New York, NY and currently has offices in Florida, New Hampshire, Maryland, Texas and Chicago .The headquarters location contains the majority of the Company's senior management, accounting, administrative, loan production, loan underwriting, and closing personnel. Additional underwriting personnel are located in Florida, New Hampshire and Maryland with the construction loan administration personnel located in Dallas, Texas. Managed by Hadley Bressman, MFC currently has a team of analyst, processing, underwriting, closing, and servicing support staff to accommodate its ever expanding demand for the FHA insured multifamily products.
Our Team

Ronald Scuola
Hadley Bressman

| Founder & President

| Chief Financial Officer

MFC Team

Key Personnel

Mr. Scuola has been Chief Financial Officer of Metropolitan Funding Corp. since its formation in July 1991. His responsibilities include: all phases of financial management, general accounting, computer & manual systems and procedures; engage/review of all third party reports, architectural drawings, specifications and cost analysis; Quality Control and interviewing and hiring of all new personnel. Prior to working at MFC, Mr. Scuola was the Controller for Fotah Realty Corp., a company engaged in purchasing buildings for rehabilitation and resale, and property management. He was responsible for the supervision of administration and management of commercial and residential real estate portfolio which contained properties located in New York City; Palm Beach and Hialeah, Florida. He assisted with all financing and refinancing efforts and the conversion of residential buildings to cooperative apartments. Mr. Scuola earned a BS degree in accounting from Long Island University C.W. Post Campus and has attended several graduate courses in Finance at New York University.
Mr. Bressman is President and founder of Metropolitan Funding Corp. He has been involved in Commercial Real Estate finance for over 26 years. Mr. Bressman directly oversees all aspects of loan origination, loan placement and corporate operations. As a committed relationship mortgage banker, he has cultivated a clientele that includes some of the most prominent developers in the country. Prior to forming Metropolitan Funding Corp. in 1991, Mr. Bressman was a Vice President and New York City office manager for Love Funding Corporation, a HUD/FHA-approved mortgagee and coinsurance lender. While at Love Funding, he originated mortgages well in excess of $1 Billion. Prior to joining Love Funding in 1985, Mr. Bressman was a Vice President of Retail Real Estate Strategies, a shopping center consulting firm. Mr. Bressman graduated from Syracuse University with a BS in marketing

Since our founding in 1991, our teams of MBAs, CPAs, Lawyers and other professionals have been providing our clients with the most competitive and creative mortgage loans that the capital markets offer.

| Executive Vice President

Chief Underwriter

| Vice President

Senior Underwriter

Wendy Stamnas
Eileen Gray Busel

Ms. Stamnas has over 20 years experience using commercial real estate principles to generate new business and in utilizing technical skills to include portfolio management, screening, underwriting, and closing FHA, Fannie Mae, and conduit loans. Ms Stamnas joined Metropolitan Funding Corp. in August 2009 as Chief Underwriter and in June 2010 received the construction loan administrator designation from HUD/FHA. She has closed over $100 million in FHA loans and has received FHA Firm Commitments and pre-application FHA LEAN program approvals on another $70 million. Ms. Stamnas has been a board member of the Eastern Lenders Association since 2005 and is a member of NIC, ALFA, and MBA. Prior to MFC, Ms. Stamnas was Chief Underwriter from January 2003 to August 2009 for Arbor Commercial Mortgage, LLC. She was an appointed member of internal FHA Credit Committee. She reviewed all pre-application and firm application packages for quality control prior to submission to HUD. Since 2000, Ms. Stamnas underwrote and closed upwards of $500 million in loans. From March 1999 to December 2002, Ms. Stamnas was Chief Underwriter for Rockport Mortgage Corporation. She underwrote FHA/MAP, Fannie Mae, and conventional loans for multifamily and healthcare projects nationwide. She underwrote 25 FHA loans that closed, totaling over $252 million. From 1991 to 1999 Ms. Stamnas served the Department of Housing and Urban Development. She was a Regional Economist for HUD out of Boston, MA from 1991 to 1996 and she was a Project Manager for the Special Workout Assistance Team (SWAT) out of HUD Headquarters in Washington, DC from 1996 to 1999. HUD multifamily programs education: 232 Underwriter; MAP Training June 2000; Third Party Training October 2000; DAP Training January 2001; LEAN Training January 2008, June 2008 & January 2010. Ms. Stamnas received her MBA from Suffolk University and her B.A. from the University of New Orleans.
Mrs. Busel joined Metropolitan Funding Corp. (MFC) in 1995 as an Underwriter. She has been involved in Real Estate finance for over 20 years. Mrs. Busels responsibilities include: review of initial submissions for financing, underwrite properties for our direct loan programs as well as the HUD mortgage insurance programs, work with the Borrower in preparing the appropriate documents for the HUD loan application, attend required meetings with HUD, trouble-shooting during loan processing, liaison between financial institutions / HUD and Borrowers. While at MFC, Mrs. Busel has underwritten well in excess of $1 billion of HUD and conventional mortgage loans. Mrs. Busels resume includes working as a consultant for such companies as ESG (The Edward S. Gordon Company), Pearson Partners Inc. and Singer Financial Corporation. While employed by these firms Mrs. Busel was involved with the acquisition of mortgages and properties as well as the analysis of properties for financing and disposition. She developed and instituted strategies for real estate assets within the companies portfolios. Previously Mrs. Busel worked in the Financing and Acquisitions Department of Philips International, a full service national real estate development firm. In addition Mrs. Busel was an analyst in the Commercial Acquisitions Department of Integrated Resources where she was responsible for due diligence of potential acquisitions, as well as analyzing all property types for syndication in public and private placements. Mrs. Busel commenced her career at Touche Ross & Co. She is a licensed CPA. Mrs. Busel received her MBA in finance and international business from The Leonard N. Stern School of Business at New York University and a BS/BA from Boston University .

Renee Carroll-Smith

| Vice President

Servicing Director

Ms. Carroll-Smith has more than 20 years experience in the mortgage banking industry with particular focus on FHA multifamily loan closings, FHA construction loan administration, and Ginnie Mae MBS issuer and servicer activities. She joined Metropolitan Funding Corp. in July 2011 to manage the development, implementation, and application of the Companys FHA and GNMA servicing policies and procedures and to manage the hiring and development of the Companys construction loan administration and servicing department staff. Responsible for portfolio servicing and asset administration matters for all FHA insured loans and liaison between production and servicing departments. She will be primarily responsible for the day-to-day Ginnie Mae issuer and servicer activities and will coordinate secondary marketing and trading activities with MFCs President. Ms. Carroll-Smith is an approved FHA Construction Loan Administrator.Prior to MFC, Ms. Carroll-Smith was Vice President, Senior Closing and FHA Construction Team Leader for Prudential Huntoon Paige & Prudential Asset Resources, a national FHA and GNMA servicer. From 2007 to 2011, as Vice President, Senior Closing and FHA Construction Team Leader for Prudential, Ms. Carroll-Smith, was responsible for moving loans to endorsement once a Firm Commitment has been received from HUD, worked with HUD and outside legal counsel to review legal documents and verify insurance coverage. Other responsibilities were workout trouble loans, partial TPAs, assignments and/or loan modifications. She also held various positions of increased responsibility within the FHA division of Prudential Huntoon Paige Associates, Ltd. where she oversaw all aspects of construction loan administration and managed the initial/final endorsement closing and securitization process on construction and permanent loans. From 2006 to 2007, Ms. Carroll-Smith was an IDA/MPDU coordinator for Montgomery Housing Partnership, Inc. From 1990 to 2007 Ms. Carroll-Smith worked at Arbor Commercial Mortgage LLC, Capitalsource Mortgage Finance LLC, AMI Capital, Inc. and Love Funding Corporation. While at these firms, Ms Carroll-Smiths responsibilities included: FHA/Specialist/Closing Coordinator, Construction Loan Administrator, Servicing Assistant, Marketing Director and Underwriter/processor. Reneé was one of the founding members to the Eastern Lenders Association.

Services

Business Analysis
Marketing
Business Plans

Financial

Services

Business Analysis The HUD/FHA insured financing programs are very similar to conventional financing. The main difference is that you are applying to the U.S. Department of Housing and Urban Development (HUD) for Federal Housing Administration (FHA) mortgage insurance. With the government insuring your loan, MFC as lender, is able to supply our clients with dramatically better financing terms than a conventional loan, simply because the FHA insurance alleviates default risk. FHA insures mortgages for new construction, substantial rehabilitation, purchase, or refinance of apartment properties and health care related facilities. In order to qualify for FHA insurance, an application to HUD must be submitted through an FHA approved mortgagee in order obtain a commitment. MFC is a nationally approved HUD/FHA MAP (Multifamily Accelerated Processing) lender.
Why choose FHA? Because the terms available today cannot be matched by any other conventional financing source. Terms include:• Fully amortizing loan terms between 35 and 40 years with no call or balloon provisions.• Non-recourse with no personal guarantees required.• High loan-to-value limitation of 83.3%• Low debt service coverage of 1.20x on refinances/acquisitions and 1.20x on new construction loans.• Assumability with HUD consent. Assumption of an existing FHA loan can translate into a higher sales price to an owner at a later date.• Repairs, rehabilitation and other closing costs can be paid from mortgage proceeds.• Lowest interest rates based upon a spread over the 10 year U.S. Treasury.• Establishing an initial deposit to a replacement reserve account (can be funded out of closing proceeds) to ensure that capital improvement items can be completed as needed
Common HUD myths:• FHA requires low-income units. FHA insures properties covering the entire range of the spectrum, from low-income to upscale urban/suburban properties. Low-income set-asides are essential ONLY if a borrower brings the requirement to HUD through tax credits, a bond issue, or other local municipal restriction.• FHA controls an owner's rents and profits. This has not been true since 1983. Initial underwriting is based on current market rents, and an owner is expected to raise or lower rents in response to that particular sub-market.• FHA provides the loan money. MFC is the lender. FHA provides the mortgage insurance that guarantees principal and interest payments to investors in the event of a default. MFC obtains a loan commitment insured by FHA and funds the loan through the secondary mortgage market.

MAP ProcessingMULTIFAMILY ACCELERATED PROCESSING (MAP) is a process that enables HUD-approved lenders to prepare, process, and submit loan applications for Federal Housing Administration (FHA) multifamily mortgage insurance. MAP has replaced all prior processing procedures with a single, national, streamlined process that provides greater lender responsibility and control to insure more timely and consistent results. The MAP program provides borrowers/developers with expedited decisions on loan applications. The lenders responsibility is to underwrite the transaction, while HUD reviews. This results in better predictability and faster closing times.

acquisition.pdf

FHA - NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION and PERMANENT MORTGAGE FINANCING for Apartment Properties..pdf

Marketing HOSPITALS / 242 HOSPITAL PROGRAMHUDs Hospital construction and sub-rehab program falls under Section 242. This program is designed for acute-care and critical access facilities in all fifty states and territories with ownership structures varying from non-profit or government owned to for-profit or physician owned. HUD grants insurance for remodeling, expansion, modernization, equipment, and refinancing. The refinancing portion has recently been moved under the 232 program which allows for a faster processing of hospital refinances and acquisition where less than 20% of the loan is for construction/rehab. The 242 program boasts attractive terms including LTV of up to 90%, no maximum loan amounts, and no cash requirements with sufficient equity. A full step by step process of how to get started on a 242 loan is presented on HUDs website at: How To get Startedor simply contact us at MFC to walk you through the process.

ASSISTED LIVING & SKILLED NURSINGHUDs 232 program is an FHA-insured product that covers housing for the frail elderly in need of supportive services. Assisted living facilities, nursing homes, and board and care all fall under this program. Financing can be for new construction or substantial rehabilitation of these facilities, it could be to refinance or acquire a facility, or it could be for a combination of any of the above such as a refinance with construction of additional units. All of this is now done though HUDs LEAN program. The LEAN program is a streamlined process of reviewing, approving, and closing a healthcare transaction. MFC will prepare and underwrite of all the necessary information and then submit this to the LEAN team in Seattle, WA. From there, your project will be assigned to an underwriter who may be physically located anywhere in the country. That HUD underwriter will work closely with MFC to review all aspects of the transaction and have a commitment for HUD insurance issued through the Seattle base. While in processing, the HUD underwriter will also engage the local HUD legal and environmental staff who will work to inspect your site and close your transaction. All of this is done within 60 days of HUDs underwriter being assigned to your refinance or acquisition transaction. For construction, the borrower has a choice of submitting an initial submission package which includes a market study, an appraisal, an environmental report, information on the mortgagor/operator, and sketch plans OR a one step processing which includes all of the previous plus full working drawings and costs reviewed by a HUD approved architectural analyst. For the initial submission, the HUD application fee is due with the package and HUD will issue a commitment based on items received. The borrower then has 120 days to complete costs and drawings and have the transaction closed. With a one-step process, everything is approved at once and HUD will simply issue the commitment and close.

Hospital Mortgage Insurance Program.pdf

FHA - Insured Financing for the ACQUISITION or REFINANCE of HEALTH CARE Properties.pdf

Refinance .pdf

FHA - NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION and PERMANENT MORTGAGE FINANCING for assisted living,.pdf

HUD 232 Hospital Construction and Substantial Rehabilitation.pdf

Business Plans yellow cab

LOAN SERVICINGFor most transactions, Metropolitan Funding Corp. remains the single point of contact for borrowers and investors monitoring all loan covenants, payment processing, and collecting information for the property and the loan. We are a servicing operation committed to providing high level of quality customer service making every effort to search for solutions to requests from our clients and accomplishing their goals within the limitations and timeframes of their loan documents. We look forward to working with you and building a strong long-term relationship on your next transaction.

To discuss Loan Servicing options please contactRenee Carroll-Smith atrcarroll-smith_metropolitanfunding.com

Recent Closings

Business Analysis
Marketing

Recent

Closings

Business Analysis

GREYSTONE FARMS

Columbus, GA

$20,764,400 / June 2010

ORCHARD HILLS

Newburgh,NY

$50,000,000 / May 2010

MANSION HOUSE

St. Louis, MO

$20,500,000 / Jan. 2010

VINEYARD COMMONS

Highland, NY

$48,000,000 / July 2009

The Mansion House is a St. Louis high-rise with exquisite views of St. Louis and the arch. The complex offers furnished as well as unfurnished multifamily units with 24 hour lobby attendants, fitness centers, and business centers. Commercial space is available on site and included in the financing. MFC arranged over $20,000,000 for the refinance of this building with $1,500,000 million deposits to an on-going replacement reserve fund for the property with cash back to the borrower at closing.

MFC is proud to announce the closing of Greystone Farms in Columbus, GA. This transaction was leveraged to 80% of value with additional reserves for capital expenditures and cash back to the borrower at closing. The $20,764,400 loan was processed through MFC and the Atlanta HUD office.

Orchard Hills will be a 260 unit multifamily rental complex in Newburgh, NY. MFC arranged $50 million dollar plus construction financing that roles into a 40 year, fully amortizing, self-liquidating permanent loan upon completion. The fifty million dollar financing package was 100% of all costs at closing including all working capital and operating escrows. The loan was processed through the NY HUD office and closed within days of receiving HUDs commitment to insure.

Vineyard Commons is a 284 unit senior living complex in Highland, NY. The project boasts upscale amenities such as an indoor pool, club rooms, fitness centers, and commercial space that is rented to a local restaurateur. MFC arranged $48 million dollar construction financing that roles into a 40 year, fully amortizing, self-liquidating permanent loan upon completion.

Marketing

Hickory Point - Brentwood, TN

/ New Multifamily Construction

Laurelton Village - Monroe Township, NJ

/ Multifamily Refinance/Acquisition

Cierra Commons - Burien, WA

/ Multifamily Refinance

Bella Mar - Santa Monica, CA

/ Assisted Living Facility Refinance

Springdale Estates - Austin, TX

/ Multifamily New Construction (Low Income Housing Tax Credits)

The Carillions - Sun City, AZ

/ Assisted Living Facility Refinance

The Park at Covington - St. Tamany Parish, LA

/ Assisted Living Facility Refinance

Trumbull Centre - Hartford, CT

/ New Multifamily Construction

Mansion House - St.Louis, MO

/ Multifamily Refinance

Brookside West Apartments - Augusta, GA

/ Multifamily Refinance

Green Assisted Living Facilities – Lynchburg

/ Mechanicsville, VA / Health Care Acquisition

Cedar Creek Apartments - Malakoff, TX

/ Multifamily Refinance

Mansfield Portfolio - Storrs, CT

/ Student-housing Portfolio Refinance

Coho/Chinook Apartments - Juneau, AK

/ Multifamily Refinance

Willington Oaks - Willington, CT

/ Student-housing Refinance

Madison Avenue - New York, NY

/ Multfamily Acquisition

Wildwood Canyon - Yucaipa, CA

/ Multifamily New Construction/Significant Rehabilitation

Vineyard Commons - Highland, NY

/ Multifamily New Construction

Business Plans

Contact

Contact Us

If you have any questions or comments, please fill out the form below, or email us at info_metropolitanfunding.com

28 West 44th Street, Suite 222

Suite 222

New York, NY 10036

tel: (212) 983 1500

fax: (212) 983 1523

QUESTIONS OR COMMENTS

If you have questions, comments, or wish to be contacted by an MFC representative, please complete the below form:

METROPOLITAN FUNDING CORP. (MFC) - 28 West 44th Street, Suite 222 New York, NY 10036 - Tel: (212) 983 1500 - Fax: (212) 983 1523