This year, Procida was named Non-Bank Lender of the Year, this coming after their 100 Mile Fund won Top Specialty Fund by REFI Magazine.. Using their own capital as well as their partners, which includes private equity funds and established lenders, Procida Funding supplies capital for asset classes in the eastern region of the United States. With years of experience, the company employs borrowers and developers in an effort to provide their clients with insight on how to be a responsible lender and investor. The company’s team also includes other services such as debt restructuring, litigation support and dispute resolution assistance. “As banking is becoming more regulated [by the government], I believe the non-bank lending business will only become an increasingly crucial part of capital markets in the future or stated in plain English…if the government keeps over regulating no small businesses will be able to get loans and there will be five to 10 banks left in America,” William Procida, the firm’s founder, a former NYC developer of the year and a award winning builder and contractor.
The 100 Mile Fund is a local real estate investment chance from Procida Funding & Advisors. The fund aims at office, retail, multifamily, industrial, and other properties within the $500,000 to $25 million market. Previous years in operation, Procida’s 100 Mile Fund has completed 88 loans equaling in excess of $350,000,000. Half of these loans totaling over $150,000,000 have been repaid. The fund has paid out a dividend of 14.2 percent and is assumed to remain above 13 percent through the end of 2017. This gives Procida Funding & Advisors the opportunity to supersede Dow companies and many other major stock markets, indexes and funds. As for the future of Procida and the 100 Mile Fund, Procida said, “We have been in an expansion for six to seven years now, sooner or later there will be an overall softening. We are now focusing on owner occupied businesses.” The firm has aimed at this market with an advertisement on television, performing on Monday Night Football, Shark Tank and regional news programs.
“I am proud of the work that our firm has done. We always look to improve communities and create jobs and make both our investors and borrowers money. Whether rescuing stalled projects or getting new ones started, to saving, creating and expanding businesses, our goal is to improve the quality of life for our clients and just as importantly, their neighbors” Procida stated.The firm has made construction loans that vary in range, such as the $68,500,000 Gulls Cove II Condominiums, now going up on Marin Boulevard in Jersey City, to a $3,450,000 loan to a daycare center, Zadie’s Nurturing Den, who applied the Fund’s capital to open its third location. “It certainly helps that I started as a contractor/developer for the first 15 years of my career before crossing over to being a lender. We know the subcontractors, architects and markets we are in because we have been in these markets for 35 years. Most of our third party professionals have been with us for 20 years while some I have even known since high school and grade school.”