HACKENSACK, NJ, Sept 07, 2005— Bentwater Development Group reached out to Kennedy Funding, a direct private lender based in Hackensack, NJ, for $6.5 million to complete the financing for land acquisition and development near Avon, North Carolina. This magnificent 14.5 acres, including both Atlantic Ocean and Pamlico Sound frontage, will become 51 single-family homesites in a highly desirable section of the Outer Banks. Part of the Kinakeet Shores Resort, this pristine, undeveloped property is located on an island that is 75% owned and protected by the National Park Service, which has created a Federal Wildlife Reserve. With Dare County also controlling a portion of the land, these zoned-for development acres are literally the last of their kind in the area.

Herschel Clarke, principal of the Bentwater Development Group, had spoken to Kennedy Funding a few years ago on another project. This time, he knew the seller of the property was very responsive to the idea of a quick closing, so he turned to Kennedy again. “These guys can act fast, and they are fairly flexible on terms when the deal is right for both parties,” he commented. ”Kennedy Funding was straightforward and easy to work with.”

While the infrastructure is largely in place, Bentwater intends to improve the roads in the area. A man-made, 7-acre lake is planned for an adjacent parcel, which will result in improved views — and values — for many of the lots.

Kevin Wolfer, co-CEO of Kennedy Funding, noted that the loan was for land in an area experiencing double-digit appreciation, year after year. “The cost of real estate on the Outer Banks has doubled in price over the last 2 years,
and some areas has gone up by as much as 250%. Given those figures, and Bentwater’s intent to upgrade the infrastructure and sell off single-family lots in such an eager market, we felt this loan was timely and had significant
prospects for success. Kennedy Funding is expert at spotting worthwhile investments-this one was a relatively easy call.”

Kennedy Funding has the ability to issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days, and in some cases, even faster. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and 2 points for specific loan situations.

While Kennedy specializes in commercial real estate bridge loans, their flexibility and diversity has also resulted in loans for a wide range of enterprises, including amusement parks, high- profile golf courses, TV and radio stations, airlines, and sports complexes. Across the country and around the world Kennedy has produced funds for conventional and unconventional projects, often succeeding when other financial institutions cannot. They can generate up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.