Babylon Loan Services Company Background

 In addition to providing financing for rehabilitation projects,BLS also provides short-term commercial loans for real estate investors and construction contractors.BLS continues to lend to the secondary ticketing industry, the niche market in which the business originated.

As of October 31, 2016, BLS has more than $25 million in the marketplace, and is looking to double that investment by year-end. We are dedicated to pumping money back into the local communities by supporting local businesses and neighborhoods.

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In these difficult economic times, real estate investors and resourceful construction contractors have seen great opportunities in the housing renovation market. However, many banks have constricted their lending procedures, making it difficult for non-traditional projects to be funded or for borrowers with less-than-perfect credit to obtain financing. Contractors have sought out alternative financing loans to meet short-term cash flow needs in order to rehabilitate housing stock.

Babylon Loan Services, precisely fills this need by providing short-term asset-backed commercial loans. The company has more than $25 million in lending capital in the marketplace, assisting small businesses, private investors and independent contractors with the purchase and renovation of commercial and residential rehabilitation projects.

As a direct private lender, Babylon Loan Services works directly with real estate investors. The normal turnaround time for a loan is under two weeks, upon completion of standard loan documentation. There are no prepayment penalties. Our quick turn-around and fast closings mean our customers can begin the project quickly, resulting in higher profits. Loan decisions are based on the individual merits of each loan request.

Many borrowers choose to pay only the interest during the term of the loan, allowing the principal repayment upon sale of the property. This is attractive to the borrower, who might not have the cash flow to support payments of principal and interest as required by conventional financing. Babylon Loan Servicess enable contractors to continue working and to improve the housing stock without being overburdened by debt repayment.

Babylon Loan Services commercial loans range in amounts from $50,000 to $2 million. By putting these funds into the marketplace, we are helping to create jobs in the construction industry and related fields. Throughout the life of the loan, funds provided by Babylon Loan Services loans flow into a number of industries including real estate, construction, renovation, and local municipalities. In order to complete the rehabilitation projects, the borrower hires general contractors, plumbers, electricians, HVAC technicians and carpenters. Other local businesses benefit as well, through the supplying of the services and materials needed for the construction work. Municipalities also benefit from the generation of permit fees and improved property values. While each project varies, most generate 15 to 20 jobs. Babylon Loan Services funded more than 150 loans, supporting an estimated 2,550 jobs.

Through the residential rehabilitation projects, Babylon Loan Services is helping improve the value of properties in the local neighborhoods. It is well known that one foreclosure can cause a 15 percent decrease in the value of that neighborhood. The property rehabilitation's projects financed by Babylon Loan Servicess generally show a 40 percent increase in value. This benefits not only the homeowners, but the municipality as well.
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"It helped me out tremendously because that's exactly what I was looking for," said Alison Homberg, owner of Brookfield Insurance Agency, who used the $50,000 loan to refinance her commercial condominium.

"They were a tool that allowed us to move forward with the project," said Russ Smith of Amity Construction, which received a $1.1 million loan to fund a 14-unit, single family housing development in Guilford, CT. "The conventional market today is not allowing for any speculative development."
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