HACKENSACK, N.J., September 9, 2009 — With nearly 200 lots and units spread across nine properties outside Detroit, Michigan, Michael A. Chirco of MJC Land Investments, LLC needed working capital. The problem, it seemed, was that no one was closing commercial loans in Michigan—especially on land-based deals. The answer he needed was more than 500 miles to the east.

The developer called Hackensack, NJ-based Kennedy Funding, one of the nation’s leading direct private lenders. Kennedy has become well known for their willingness to consider loans involving difficult or unusual collateral, such as MJC’s collection of collateral properties. According to Jeffrey Wolfer, President and Co-CEO of Kennedy Funding, “An absolute necessity is knowing the up-to-the-minute value of the properties, which in this case included both residential and industrial space in various stages of completion. An appraisal had been done just two months prior, but in the current economic landscape, nothing but the latest information will do.” The “as is” value of the collateral properties was sufficient to approve the $1,630,000 in working capital that MJC Land Investments had requested. Crews could get back to work and progress could continue.

“Right now, the Michigan market is completely stagnant. With the way the economy has hit the auto industry, particularly around the Detroit area, lenders are steering clear,” continued Wolfer, “We’ve always made a point of trying to understand the potential in a property or project. Sometimes it involves studying the area’s demographics, other times it means investigating other planned development in the region. If we believe in the possibilities, we’ll make the deal happen.”

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 two days 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.