CITY OF LAKE FOREST, HACKENSACK, NEW JERSEY— Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed $1,321,000 loan to Kill Mountain Realty, LLC. The loan will enable the developer to continue work on 48.5-acres of land that is part of a 200-acre Phase III development in Hebron, New Hampshire. The 48.5 acres are planned for 17 residential condominium lots. The developer plans to refinance present debt and complete the lots by installing power lines and completing the roadways.

Set on a picturesque New Hampshire mountainside, the property offers a bucolic setting and magnificent views of Newfound Lake in nearby Grafton. Plans had been progressing nicely, until the current financial crisis changed the real estate market.

The developer looked to Kennedy Funding to assist their progress. Kennedy needed to reevaluate the land, even though a complete evaluation had been done just three months earlier. All aspects involved had to be reconsidered in order to get an accurate value of the property and a valid analysis of the current situation.

“There were so many variables to consider,” reports Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “Obviously, we looked at recent local sales, but we also had to take into consideration the specific entitlements, infrastructure differences, planned amenities and the ability to draw buyers from beyond the surrounding communities.”

“With just the land as collateral, this is a loan that would not draw interest from many lenders,” continued Wolfer. “Nevertheless, we looked further down the road and saw the potential in the property and approved the loan.”

Kennedy Funding is a pioneer in the category of “situational lending,” providing loans of $1 million to $100 million or more with commitments in as little as 24 hours and closings in as quickly as five days. As the leader in direct private lending, Kennedy has extensive experience in funding in a wide range of business sectors. Unlike the methods used by many traditional lenders, Kennedy sees each borrower as unique, evaluating each situation individually.

Specializing in commercial real estate bridge loans for domestic and global clients, Kennedy provides up to 65% loan-to-value for land acquisition, development, refinancing, construction, bank workouts, bankruptcies and foreclosures. Across the nation and around the world, Kennedy has produced funding for conventional and unconventional projects, often succeeding when other financial institutions cannot.