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. Continue reading 'Kennedy Funding closes loan with Michigan developer for working capital on nine properties featuring hundreds of units.'»
HACKENSACK, NJ/NEW CITY, NY, August 18, 2009 — Most lenders are scrambling for business. Many are fighting just to remain in business. Yet for months, the team at Kennedy Funding has been working day and night for one of its nearest and dearest clients—The Kennedy Funding Invitational charity tennis tournament to fight breast cancer.
Months of planning. Endless meetings. Thousands of phone calls. Last-minute details. It’s all come to fruition now as The Kennedy Funding Invitational, in just its first four years, has raised more than $3 million for two outstanding breast care centers at hospitals in Englewood, NJ and Nyack, NY, making it one of the premier events of its kind in the nation. Continue reading 'Kennedy Funding Invitational donates $500,000 to fight breast cancer.'»
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.
Legendary tennis great will appear in Cole Schotz Celebrity Match at The Kennedy Funding Invitational on July 12
NEW CITY, NEW YORK, May 21, 2009 —Tennis legend Andre Agassi, a favorite among fans and players throughout his 20+ year career, will appear at The Kennedy Funding Invitational, a charity tennis tournament to raise awareness and funding to fight breast cancer. The fourth annual event will be held July 8-12 at Dellwood Country Club in New City, NY. In addition to Men’s and Women’s tournaments, the Cole Schotz Celebrity Match has become a highlight of the annual festivities. The Celebrity Match will be on Sunday, July 12 at 4:00 pm.
A limited number of tickets are available to the Andre Agassi match at $100 each. Tickets can be purchased at ticketmaster.com and at all Ticketmaster outlets. To charge tickets by phone, call (800) 745-3000. Seating is limited and tickets will be sold on a first-come, first-served basis. Tickets for the tournament matches are free and can be obtained by visiting the tournament’s official website at www.thekennedyfundinginvitational.com. Continue reading 'Andre Agassi playing to fight breast cancer—Tickets on sale NOW!'»
Leading direct private lender closes over $199 million in loans
HACKENSACK, NEW JERSEY, April 28, 2009 —While gloom, despair and the downfall of large lending institutions were capturing the lion’s share of media attention, the triumphs of Kennedy Funding steadily continued. During a period that saw many competitors close their doors, Kennedy quickly closed over $199 million in commercial loans, many of which were to return clients, back for their second or third loan from the nation’s leading direct private lender.
Kennedy’s loans continue to span a range of sizes and types. One of the few lenders that will even consider raw land loans, Kennedy’s recent deals also involved traditional land acquisition and development, as well as projects in multifamily residential, retail, office, hospitality and industrial development.
Kennedy’s formula for success remained largely unchanged—they are usually able to close the deals that other lenders can’t…or won’t. Rather than limiting their decision criteria to scores and numbers, Kennedy continues to look at the specifics and circumstances of each deal individually. As a result, Kennedy has pioneered what has become known as “situational lending.” Continue reading 'Despite the economy, bridge loan business is booming at Kennedy Funding'»
HACKENSACK, NEW JERSEY, February 19, 2009 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $8,700,000 loan to Weber USA Corporation of North Charleston, South Carolina. The loan is being used for working capital and to refinance present debt on the largest commercial development of its type ever in South Carolina—a 658.89-acre, $750,000,000 joint venture project that will span over 20 years. Joining Weber USA on this mammoth project is Weiser Ingleside, LLC.
Situated within the city limits of North Charleston, the 658.89 acres are made up of three tracts, two of which are contiguous. Zoning designations on the property vary, ranging from single-family and multi-family residential to commercial and light manufacturing. Roads that will enable improved accessibility to the property have not been completed by the city as scheduled, prompting a re-evaluation of the land. Continue reading '$8.7 million loan from Kennedy Funding helps fund largest commercial development of its type in South Carolina history'»
4th annual Kennedy Funding Invitational to be held July 8-12 at Dellwood Country Club in New City, NY
HACKENSACK, NJ — Passion and commitment have not only made Kennedy Funding the nation’s leading direct private lender, they’ve also helped the charity tennis tournament we began four years ago become one of the premier events of its kind.
The Kennedy Funding Invitational combines the excitement and competition of world-class tennis with the fight against breast cancer. Each summer, tennis professionals and fans gather, with the goal of improving the diagnostic capabilities and care at two outstanding breast care centers in Englewood, NJ and Nyack, NY. Now in its fourth year, the event will again be held at Dellwood Country Club in New City, NY between July 8-12 and promises to be even bigger and better than ever.
In addition to outstanding competition, the celebrity exhibition match has become a traditional highlight of the five-day event. Past participants have included former champions Pete Sampras and John McEnroe. This year, we’re proud to have one of the all time greats, Andre Agassi join the cause, playing in the exhibition match and appearing at various events throughout the tournament. Continue reading 'Tennis legend Andre Agassi joins Kennedy Funding in the fight against breast cancer.'»
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. Continue reading 'Loan from Kennedy Funding helps buy buildings, business and equipment in paradise.'»
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. Continue reading 'Despite a sinking market, Kennedy Funding’s $1.321 million loan keeps residential project rising in New Hampshire mountains'»
CITY OF LAKE FOREST, CA, December 2, 2008 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a loan for $3,614,000 to Rancho Portola Investments, LLC. The loan is to help the developer continue work on a much-talked-about residential project in the City of Lake Forest in Orange County, California. The area is centrally located between Los Angeles and San Diego. When complete, the development would encompass a total of nearly 230 acres and would offer between 600 and 626 residential units and 30,000-40,000 sf of commercial space.
Everyone involved with the property and the project had to wait out the lengthy, drawn-out zoning, approval and permit processes. Finally, when it was determined that the nearby airport was to be decommissioned and the adjacent properties would be approved for residential use, the waiting was over.
At that point, capital was the problem, and in a slow market, securing a commercial mortgage with only the raw land as collateral is no easy task. Unless you call Kennedy Funding. Continue reading 'Market slows, but Kennedy Funding’s $3.614 million loan keeps residential project moving for California developer'»
Comments (1) 