HACKENSACK, NJ, March 28, 2005 — It took just one week from commitment to closing for Kennedy Funding, a direct private lender in New Jersey, to deliver on its promise of a $3.5 million dollar loan to a Citrus Springs, Florida developer.

Sky Development Group needed the funds to complete the purchase of 250 vacant lots approximately forty miles north of Tampa in order to develop them into single-family homes.

The loan was the first in Kennedy’s new loan program, offering lower rates to borrowers with a higher percentage of equity participation, or who have income-producing property as collateral.

Prior to Kennedy, Sky Development Group was faced with several financial dilemmas: they are a young company, with no historical track record; the lots are non-contiguous, which traditionally makes the borrowing process more difficult; and lastly, with time running out to close the deal, the banks looked at those first two conditions and created a third—by refusing to fund the loan, even though the land was plotted out and ready for development.

In record time, Kennedy Funding generated the $3.5 million loan. Obstacles that arose during that crucial week, including environmental issues, were expertly handled by Kennedy Funding’s attorneys, who resolved the problems in a matter of days.

Bonnie Coltrane, principal of Commercial Mortgage Investors and a co-broker of the transaction in cooperation with Leading Companies International, connected Sky Development and Kennedy Funding. “Borrowing for vacant, non-contiguous property is never easy, and at one point, we were trying to get three loans for three groups of land, comprised of 50 lots, 100 lots, and 100 lots. That proved to be much too difficult and complicated,” she explained. “Fortunately, Kennedy expedited the entire process with unbelievable speed. They were focused, cooperative, and productive. When we were faced with a time is of the essence situation, Kennedy Funding got it done.

“Jeffrey Wolfer, president of Kennedy Funding, remarked that these are the kind of challenging loans in which the firm excels. “When time is of the essence—that’s when Kennedy takes the lead. We do our due diligence. We travel to wherever we have to go. We work our sources, and we deliver. The $3.5 million loan to Sky Development in under a week is proof positive that Kennedy Funding makes the impossible look easy.

“Kennedy Funding makes loan commitments in as little as 24 hours, and can close within a week, as was the case with Sky Development and in most cases in just 2 weeks. Their speed and expertise has meant that an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen, have turned to Kennedy Funding to arrange for financing from $1 million to $100 million and more. 

While specializing in commercial real estate loans, Kennedy Funding’s scope of funded projects also includes amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.