Kennedy’s Loan Actually Larger than Purchase Price of Property

Hackensack, NJ, March 24th, 2006 – Jeffrey Freedman of Kings Highway Village, LLC, had a two-pronged goal in mind. First, he wanted to purchase four contiguous parcels of undeveloped land totaling 79 acres in Fort Pierce, Florida. Second, he wanted to buy out his two partners whom he had originally brought in on the project. So he needed a single loan that would accomplish both objectives – and he needed it quickly.

This proposition seemed simple in theory, but proved more difficult in practice, as traditional lending institutions balked at the undeveloped land at the center of the transaction. That all changed, however, when Freedman was introduced to Kennedy Funding. Kennedy Funding is a direct private lender based in Hackensack, New Jersey, which specializes in creative financing, unusual loans that put more traditional lenders off, and fast turnarounds. After meeting with Jeffrey Freedman and looking at the proposed loan in detail, Kennedy quickly funded the loan and Freedman was soon the new – and sole – owner of the property.

Jeffrey Wolfer, president and co-CEO of Kennedy Funding, said, “Jeffrey Freedman’s situation may have been unusual for a bank, but not for us. We take a rather unique approach to collateral. Most standard lending institutions are hesitant to consider raw land as collateral, but we thrive on it, even if we are not providing any construction financing. We’ve made numerous commitments in days or less, even with just the raw land as the only collateral, which reflects the kind of speed and flexibility few, if any, lenders can match.”

As for the extra funding Freedman requested in order to buy out his former partners, Wolfer added: “After the initial figure for the land, the remaining request was relatively small, and we had no internal problems incorporating the amount into the loan. In fact, we were happy to help Jeffrey attain his goal.”

The four parcels of land are located on South Kings Highway between I-95 and the Florida Turnpike, just outside the city limits in Lucie County. Half the property is designated as commercial tracts, and the other half as residential tracts. Freedman is currently considering future options with development partners.

The loan was brokered by Meridian Capital Group, one the nation’s largest mortgage brokerage firms. Jennifer Cherney, a Meridian broker, said, “Jeffrey Freedman needed a fast closing, and that’s one of the things Kennedy is known for. And they also understand loans with complicated or unusual issues. Needless to say, they completed everything on time and did their usual great job.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days and, in some cases when time is critical, even quicker. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and two points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan application.

While specializing in commercial real estate bridge loans, Kennedy’s 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. Throughout the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding where other financial institutions cannot. Kennedy can fund up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.