Hackensack, NJ, May 22, 2006 – Elias Brothers Communities Three, Inc., of Naples, Florida envisioned the two-parcel, 308-acre tract of land on Kings Highway in Desoto County dotted with homes – homes that they wanted to build. They believed that the property, about two miles east of Port Charlotte and speckled with lakes and ponds, would make an ideal Florida community. They believed it so much that they had a contract with the seller for over a year to buy the parcels, and were busy making plans. 

There were just two small problems to solve beforehand. First, the property value had increased above the contract purchase price, so the sellers did not wish to grant any extensions to close. In fact, contract terms required Elias Brothers to close on a set date. Second, in order to comply with the time constraints, Elias Brothers required a loan to complete the sale. The only suitable collateral, however, was the parcel in question, which was mostly raw land. The question, then, was who would be both willing and able to grant a loan quickly, while accepting raw loan as collateral? This dilemma seemed insolvable. Fortunately, Elias Brothers came into contact with Kennedy Funding.

Kennedy Funding, a direct private lender in Hackensack, New Jersey, has a reputation for the very elements that Elias Brothers needed most: flexibility and speed. According to Kennedy president and co-CEO Jeff Wolfer, “Situational lenders have to be creative in their approach. Most banks and conventional lenders are hesitant to consider raw land as collateral, but we embrace it. We routinely make commitments in days, even with just the raw land as the only collateral, which reflects, we believe, the kind of speed and flexibility necessary in today’s market – and which few besides Kennedy can deliver.” 

After due diligence and consultation, Kennedy made Elias Brothers a $9 million loan, and Elias Brothers are back in business and ready to move forward with several conceptual plans. One plan calls for all lots being single-family. Another calls for a mix of multi-residential with an increased density. Still others outline developments with even higher densities. Whichever plan is ultimately chosen, Elias Brothers remains optimistic. Wolfer agrees: “The real estate market for inland properties in Florida has boomed in the past year. Developers have moved inland, buying up large tracts of virgin, pasture, and farm land. Consequently, prices in these targeted areas have jumped to multiples of their former values of only a few years ago. We don’t see Elias Brothers encountering any major problems whatsoever.” 

Kennedy Funding’s evaluative process is quick, expert, and thorough, determining the intrinsic value of both the collateral and the project for which the funds are requested. The firm has the ability to issue loan commitments in as little as 24 hours, which can lead to a closing in less than a week. Available financing ranges from $1 million to $100 million and more.

While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks,
TV and radio stations, airlines, and sports complexes, among others. Professionals including land-use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy Funding to great success. Kennedy can generate up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.