HACKENSACK, NJ, Oct 11, 2005 — Faster than clearing a check at the bank —that’s how fast Kennedy Funding, a direct private lender based in Hackensack, New Jersey, closed a $3,250,000 commercial real estate acquisition loan. Garces Venture, LLC received the good news in just 48 hours, and will use the funds towards the purchase of .72 acre on South Las Vegas Boulevard, in Las Vegas, Nevada.

Robert Finvarb, principal of the developer, was referred to Kennedy Funding by a friend.

“Kennedy was extremely professional,” says Finvarb. “The loan process was exceptionally fast. We signed the commitment just two days before we closed. Jeffrey Wolfer and Kennedy General Counsel Jonathan Hornik drove this deal to the finish line, understanding that our time frame was critical. They got it done, and in record time. Would I do business with them again? Definitely. In a heartbeat!” 

As all real estate developers know, land acquisition can be difficult to finance through traditional lenders and is often encumbered by red tape. Kennedy Funding has made quantum leaps forward in the process and execution of land loans — they have refined their ability to assess the transaction, complete the due diligence quickly and efficiently, cut out the red tape, and close loans in record time. Time is of the essence deals, deals with unusual collateral, raw land deals, complex, multi-party transactions — all these and more fall within the capabilities of Kennedy Funding.

“We’re always aware of the time constraints and legal and financial parameters our clients face,” says Jeffrey Wolfer, president of Kennedy Funding. “The Garces Venture loan was a strong investment in the dynamic Las Vegas real estate environment. Robert Finvarb and his group bring considerable expertise in hotel and land development to the table. Kennedy brings a $3.25 million loan. And we did it in just 48 hours, proving once again that we can outperform the banks and other lenders and beat the clock while we’re doing it.”

The Las Vegas property is another landmark achievement in the Finvarb Group portfolio. They have developed hotels and land throughout the country, including Florida, the MidAtlantic and Northeast regions. Among their developments are several Marriott Hotels in Florida — one in Dania Beach to serve the Ft. Lauderdale Airport and adjacent area and a forthcoming Marriott in Tallahassee. A 123-room Residence Inn by Marriott is being developed in Chantilly, Virginia near Dulles Airport South.

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, or in just 48 hours, as was the case with Graces Venture. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and 2 points.

While Kennedy specializes in commercial real estate bridge loans, they are not limited to that arena. 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 delivered when other financial institutions cannot.

They can generate up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.