New York Commercial Lender Acquires New Jersey Company

Financial Funding LLC, a New York-based commercial mortgage lender, has acquired Amerifunding LLC, a New Jersey commercial lender.

Richard Tretsky, Financial Funding’s chairman, said 1Q13 was the most profitable first quarter in the company’s 36-year history. It is making moves to become a major player in the commercial mortgage business. “We have always been successful, and now we want to be bigger and successful,” Tretsky said in a press release.

While Amerifunding’s principals are retiring, the remaining staff will join Financial Funding’s Red Bank, N.J., office. This office opened last March to be the company's headquarters for processing and underwriting commercial loan applications.

Todd Tretsky, the CEO of Financial Funding, said Amerifunding brings a new line of private lending to his company’s product offerings.

The press release said Financial Funding will look for more acquisition opportunities. Richard Tretsky said, “We want to expand, we have the experience and we have the revenue to grow bigger and better.”

Financial Funding originates loans for office buildings, shopping centers (both strip centers and malls), apartment buildings, mixed-use properties and condominiums plus hotels and motels which are associated with national chains. Certain types of commercial construction loans also fit its guidelines.

There is also a hard money lending division.