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  • Provides bridge

Procida Funding’s 100 Mile Fund tops $500 million in loan originations

ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund tops $500 million in loan originations with a recent $38 million loan closed on a college in Rockland County. The 100 Mile Fund was established by Procida Funding in October of 2011. The Fund provides bridge, construction and other value-add loans throughout the New York, New Jersey, Pennsylvania and Connecticut markets within 100 miles of New York City. The Fund originated 87 loans totaling $532 million; $362 million of which have been repaid. William “Billy” Procida, president & CEO of Procida Funding, refers to this fund as “the little engine that could.” He states, “I’ve got friends who have done 10 to 20 times more dollar volume than us. Due to the complexity of what we do, and the way we do it, it is just not feasible to do $1 billion a year. We have a small SWAT team that does about $100 million per year. Unfortunately, I have a major flaw and I still feel the need to personally meet every client, see every property, and continue to visit every property after we close at least once a month to make sure our investments are safe, until we are paid off.” Procida further states, “After seeing what happened in previous cycles, we believe in being extremely hands on. We have a policy which requires all our senior executives to visit the property and meet the borrower along with their team prior to giving approval to close. Then, once we are closed, our asset management team is on site with the borrower and their representative(s) a minimum of one time a month.”

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