HACKENSACK, NJ, March 30, 2004 — A California developer seeking to build a new single-family community in the hot Corona market received a $3 million loan from Kennedy Funding, a direct private lender based in Hackensack, New Jersey.

Chris Pratt, Executive Vice President and partner of Stellar Enterprises Association, Inc. is heading up the purchase of a 10.27-acre parcel in the City of Corona, Riverside County, Calif. with plans to subdivide the parcel into 10 one-acre single-family lots. The parcel is part of a former Crown Ranch subdivision that divided a large tract into more than 13 large lots and sits close to the south boundary of the Prairie Circle cul-de-sac and adjacent to the popular Gilbert Avenue area of Corona.

“There is strong development in this section of Corona and along Gilbert Avenue where the proposed community will be located with houses in the area going for well over $1 million,” says Jeffrey Wolfer, president of Kennedy Funding. “We saw the project as a good investment in an active market with considerable residual value.”

Adjacent to the proposed community, a new development called Crown Ranch Estates by Woodbridge is presently under construction. Kennedy’s due diligence found that Crown Ranch Estates has sold all of its 54 lots with houses and has a waiting list of 200 buyers. Property surrounding the new developments have been selling for $140,000 per acre and up with some properties asking $500,000 per acre.

“We were pressed for time and Kennedy Funding’s loan enabled us to acquire the property fast,” says Chris Pratt of Stellar Enterprises. “They closed the loan in about two weeks. That’s what good hard money lenders do – move fast.

“We will be improving the lots and selling them off to developers for $500,000 and $650,000 each. We expect that those lots will be designated for 6,000 to 8,000 square foot homes,” he adds.

Loans for property acquisition and build-outs for infrastructure are difficult to obtain from traditional lenders. With its specialized expertise in commercial real estate lending, Kennedy is able to fund loan requests that conventional lenders shy away from. Funding the capital-intensive early phases of real estate developments entails the most risk. With Kennedy’s experienced loan officers and experts in risk management, the lender is able to successfully assess and fund a diverse range of real estate and business projects.

The chief advantage Kennedy’s borrowers cite is the lender’s simplified and efficient loan process that enables them to obtain commitments quickly and avert delays that can kill ventures. Many borrowers also turn to Kennedy for its personalized attention and guidance through complicated loan processes.

“Borrowers today are under enormous pressure and face severe time constraints,” says Wolfer. “Traditional lenders fail to recognize borrowers’ needs or alter their fixed practices. Faced with time-consuming red tape and inflexible loan processes, borrowers turn to us. Our goal is to be responsive to the real-world conditions our customers face and we work with them to yield the best possible solutions in the fastest manner obtainable.”

Speed is the hallmark of Kennedy Funding, which has been known to turn around loan commitments in as little as 24 hours and routinely produces commitments in 2-3 days. The ability to move that fast is a function of Kennedy’s strong financial resources and international reputation for devising innovative strategies to deal with commercial property workouts, foreclosures, acquisitions, refinancing, bankruptcies and related situations.

For more than twenty years, Kennedy Funding has served the commercial real estate and business needs of clients throughout the United States and internationally. The company has successfully funded diverse projects including residential and commercial real estate, high profile golf courses, resort communities in the U.S. and abroad, TV and radio stations, airlines, amusement parks, hotels, single-family and multifamily residential communities, sports complexes and a variety of commercial business enterprises.