Hackensack, NJ, September 15, 2006 – Kennedy Funding, a direct, private lender based in Hackensack, New Jersey announced that it has provided a $1.92 million loan to Akaal Lodging, LLC.

Jeff Rogers and Jagtar Otal of Akaal Lodging, LLC. were in the process of purchasing the former Isle of Capri Inn at 3033 Hilton Drive in Bossier City, Louisiana. The 8.9-acre, 1970s-era property was originally built as a 242-room Hilton Hotel, and was one of the properties that came with the $270 million Isle of Capri Hotel and Casino deal. The hotel was kept as a satellite facility for the casino, and then was recently placed on the market. The structure consists of a single sprawling wood-framed building, most of which is two-story. The entrance lobby, restaurants, and meeting rooms are one-story. The building is laid out in a pattern forming three enclosed exterior courtyards, one of which includes an outdoor pool. The rooms are more than ample, with slightly higher ceilings for the vintage, and being built originally as a Hilton does reflect in the expansion of the facility. Akaal’s intention was to remodel and renovate the property and reopen it as a Rodeway Inn by Choice Hotels.

Although Akaal planned on doing a makeover prior to reopening, at the time they were simply looking for a loan for the acquisition of the property only. And they were willing to put up the entire site, with all its improvements, as collateral for the loan. There was a timing issue, however. Due to a stipulation in the purchase agreement, Akaal needed to close quickly, and they couldn’t seem to find a lender able or willing to accommodate them – until they approached Kennedy Funding.

As Akaal discovered, Kennedy’s viewpoints, capabilities, and services are unique, which is why Kennedy is the largest, and fastest, situational lender in the nation – and turned out to be the very thing Akaal Lodging needed.

Said Jagtar Otal of Akaal Lodging, “Kennedy was completely professional and knowledgeable every step of the way. They showed us things concerning the loan process that we didn’t know before. And they closed for us in about four weeks. A traditional lender could never have done that.

”According to Jeffrey Wolfer, President and Co-CEO of Kennedy, “For some time now, we’ve taken great pride in our ability to close even the supposedly ‘uncloseable’ deals that most traditional lenders won’t touch. Because of our creativity in dealing with borrowers’ special circumstances, and our speed in closing which is, frankly, unrivaled, we’re usually able to help. In Akaal’s case, there were some issues that needed to be resolved, but it was nothing we hadn’t dealt with before, having extensive experience in the lodging industry. So we were able to make the $1.92 million loan fairly quickly.”

Wolfer also noted that the value of the property was impacted favorably by the nearby casino market. Getting a room in the casino hotel during a weekend is practically impossible, and even during the week is difficult. The opening of the Akaal hotel will be fortuitous both for the traveler and for the property owners.

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 fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.