Hackensack, New Jersey – Jeff Johnson of Extra Land Co., LLC owned a piece of land free and clear. It was 31.76 acres in Obetz, Ohio, a southeastern Columbus suburb. The land itself was vacant, with a slight gradient down to the road, and covered mostly in tall, waving grasses. It was, in Johnson’s mind, just waiting for something. And he believed he knew exactly what that was.

Johnson planned to develop the land into a semi-detached, single-family community, with 204 single-family units divided between 189 duplex and 56 triplex buildings. There would be five single-story models offered, ranging from 1,285 square feet up to 1,557 square feet, with up to three bedrooms. There would also be a 2,000 square foot club house in the development with all the latest amenities. And Johnson knew his target audience: first-time buyers and retired couples who were looking to down-size in their later years. He also knew it would be the perfect community for both, with costs ranging from $140,000 to $170,000 – prices almost too good to be true in our current residential doldrums.

Johnson had it all figured out, save for one tiny detail. Even though he owned the land free and clear, he needed a loan to cover the development costs, and his only collateral was the raw land itself. Which is perhaps why his finding Kennedy Funding also ended up being a perfect fit.

Kennedy Funding, with world headquarters in Hackensack, New Jersey, is one of the industry’s largest, most successful direct private lenders. They began in 1987 by offering a viable alternative to the traditional lending industry in the form of far less red tape, considerably faster closings, and a flexibility that could accommodate even the toughest transactions. Along the way, Kennedy also developed an industry-leading expertise in yet another area: the raw land loan, an atypical deal where the undeveloped land itself serves as the collateral. It would be difficult, if not impossible, to find a bank willing to even consider such a loan, whereas Kennedy thrives on them.

As Kennedy President and Co-CEO Jeffrey Wolfer puts it, “Even before the economy started slowing, the traditional lending infrastructure wanted nothing to do with raw land. Too risky, you see, and the conventional element wants nothing to do with risk, even in a comparatively healthy economy. At Kennedy, we see things differently. We can identify with our clients’ vision, their dream, and see the possibilities through their eyes.” He went on to explain that Kennedy had initiated a kind of ‘revolution’ in the lending industry, one that concentrated on speed, creativity, and in which their raw land loan capability figured prominently. Kennedy calls it ‘situational lending,’ where each loan is considered on its own merits, instead of applying the banking industry’s ‘cookie-cutter’ approach in which every loan has to fit rigid, unyielding parameters – or be disqualified.

“Jeff came to us with a plan and a vision,” continued Wolfer. “He already owned the land outright, and his business model, aimed at first-time buyers and retirees, made a lot of sense for that section of Ohio, both geographically and demographically. When his project is completed, it will already have appreciated at a more-than-acceptable rate, and we were very glad to have been able to close his loan for him on time.”

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.