June 3, 2009
HACKENSACK, NEW JERSEY, June 3, 2009 — Kennedy Funding, America’s leading direct private lender, is pleased to announce it has closed a $1 million loan to the Sims Family Limited Partnership. The loan will be used as working capital for a used car dealership and service center located on the 5.67-acre property in Broadview, Ohio. The 28,209-square foot facility is owned by Andy Sims Buick, Inc. “The automotive industry is down overall. In particular, the market is shrinking for new car dealerships right now. But the demand is increasing for used cars and consumers will continue to need parts and service for used cars. Great potential exists in that niche of the industry,” notes Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “But too many lenders don’t look that far — they simply see numbers that don’t meet certain criteria and an industry that’s on the decline. We look much closer, comparing similar properties in the area and examining the future potential and the possibilities of the surrounding area. We believe the borrower has a strong plan and we were able to close the loan quickly.”
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.
