HACKENSACK, NEW JERSEY - January 20, 2009 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $820,000 loan to Oracle Business Development, LLC. The loan will enable the owner to purchase a 1.03-acre site (zoned for light industrial), and an existing 5,400-square foot main building (that houses a vacant machine shop and four other active businesses) on the island of St. Croix in the United States Virgin Islands. The site itself, plus a nearby 1.29-acre residential property, is being used as collateral.

Like most real estate markets, property values in St. Croix have declined.
The occupied industrial building is leased, but the current terms are only short-term. The largest section of the building, the machine shop, is not currently rented. Needless to say, banks were not eager to close on this
loan with its current lease structure and vacancies.

The developer knew that the best chance was with Kennedy Funding. After carefully evaluating the property, the surrounding area and economy, and the prospects for the future, Kennedy committed to the loan and expedited the loan process.

“While the region certainly is beautiful and idyllic, we had to address the commercial viability of the property,” commented Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “We saw the future outlook as a positive and decided to commit to 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.