HACKENSACK, N.J., April 2, 2008 – Kennedy Funding, Inc., a leading direct private lender, has purchased a loan to The Enclave at Bay Isles, LLC in Longboat Key, Florida. The Enclave at Bay Isles, LLC had purchased a 3.78-acre piece of land which had an enormous amount of potential. The land was vacant and adjacent to an existing shopping center containing a Publix Supermarket and CVS Center, among other businesses. The Enclave had several options, including developing the land into a mixed-use parcel, improving and selling the property to an interested buyer, or simply holding onto it and eventually selling it when the appreciation had reached an acceptable level.

Unfortunately, none of the above happened. After purchasing the property for $3.25 million, and spending an additional $750,000 for entitlements and improvements, things slowed down to a crawl and, eventually, to a complete standstill. There were no more improvements made. There was no development begun. There were no buyers of interest. There were also no loan payments being sent. Finally, the Enclave’s loan went into default. And there was seemingly no way out of a situation steadily getting worse – and accruing interest at 11% per annum.

Things had never looked bleaker for The Enclave. Fortunately, there was someone who specialized in turning bleakness into brightness.

That someone was Kennedy Funding.

Headquartered in Hackensack, New Jersey, Kennedy is one of the largest and most successful direct private lenders in the industry. This is due primarily to the principle upon which Kennedy was founded in 1987 – to offer the borrowing public a viable, feasible alternative to the traditional lending establishment, namely banks, credit unions, insurance companies, and the like. At long last, borrowers had an organization to approach that took not weeks or months to close a loan, but mere days, with loan approvals happening in just 24 hours. What’s more, where banks would immediately turn down any ‘difficult’ loan that was out of the ordinary and did not conform to layers of red-tape rules, Kennedy accepted the loan … and promptly closed it, regardless of the ‘difficulty’ involved.

In short, Kennedy provides a resolution to many who would not otherwise be able to find one. Including The Enclave at Bay Isles, LLC.

According to Kennedy President and Co-CEO Jeffrey Wolfer, “Enclave was in trouble, no question about it. They had pretty much invested what they had, there was virtually nothing left and, more importantly, there were no buyers. There was, however, interest accruing. Obviously, something had to be done before all was lost.” Wolfer explained that he and his team came up with a plan that would not only give The Enclave a way out, but would satisfy everyone involved.

“The solution was actually quite simple,” said Wolfer. “We bought The Enclave’s loan from the bank, but at a 60% discount. This had the immediate advantage to the bank of removing one of its non-performing loans from its balance sheet, literally overnight. Plus, it got the property out of its purview and into ours. After all, banks don’t want to be property owners – they just want their money.” There were advantages to the borrower, as well. “Now The Enclave has two years in which to sell the property, pay off the loan, or both, an equitable amount of time in which to repay roughly 40% of their original loan. That’s not a bad deal.” Wolfer stops and chuckles, then adds, “On top of everything, the owners of the next-door shopping center have indicated that they’re interested in purchasing the property. It just goes to show that timing is everything.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is of the essence, even faster. Available financing ranges from $1 million to over $100 million, with rates as low as 10% and 3 points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and they focus a great deal of collective expertise and dedication upon each loan application.

Specializing in commercial real estate bridge loans, their flexibility and diversity have resulted in loans for a wide range of applications, including land acquisition, development, refinancing, construction, bank workouts, bankruptcies, and foreclosures. 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 fund up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.