Middlegate Funding, a national commission advance company providing real estate brokers and agents with a way to receive their commission quickly, has announced its official launch in New York City.
Located at 317 Madison Avenue, the company was founded by Ashley Joffe, a business professional with over 25 years of experience in the finance and real estate sectors.
Since its launch in the summer of 2013, Middlegate has had success in 20 states, resulting in strategic partnerships with brokerages across the country, according to Joffe.
“While our initial strategy was offering our services outside of New York, now that we have a proven track record with agents nationwide, we are ready to attack the NYC market right in our own backyard,” said Joffe.
“Even at the height of the market, there will always be a need for agents to have capital and cash flow to effectively build their business.”
With a commission advance service, agents and brokers don’t have to wait until closing to receive their commission. Shortly after contract signing, they can apply to have up to 90 percent of their commission advanced. The application is done online and can be approved within a matter of hours while being completely transparent, said Joffee.
The agent will receive the advance in their bank account within 24 hours of approval.
Prior to co-founding Middlegate Funding, Joffe was a principal at ARK Equities LLC, a boutique real estate investment/advisory firm. In 1996, he joined Stern Stewart & Co., a financial management consulting firm, where he served as partner & CFO. Prior to Stern Stewart, he was director of financial investor services at The Insignia Financial Group.
Joffe began his career in New York with Spicer & Oppenheim, an international public accounting firm. He holds a post-graduate degree in finance, is a C.P.A. and C.A.