HACKENSACK, N.J., July 24 — William Planes of Trinity Town Center, LLC knew a good thing when he saw it. What’s more, he had an excellent memory. And when he needed another good thing, he knew exactly where to find it.
In March of this year, Kennedy Funding had helped him out with a fast $13.5 million loan when another lender was unable to fund after months of excuses. The object of this attention was a 13.49-acre parcel that Planes’ company owned in the Trinity area of Pasco County, Florida. It was his plan to develop a mixed-use Retail and Office Complex with over 200,000 square feet of space in 15 buildings of one, two, and three stories. The project would be a destination lifestyle center, with restaurants, commercial and medical businesses, and 845 vehicle parking spots, many of which would be in a covered structure. The entire complex would combine a traditional look and a contemporary feel, with masonry construction and streets surfaced with pavers.
That first loan had helped him get things started with the infrastructure and the first two buildings. In June, however, it became clear that more was needed - specifically, a refinancing loan. Planes needed to restructure some elements of his first loan, and he also needed additional funding to completely build out the project. So he picked up the phone and called Kennedy. Again.
Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the industry’s largest direct private lenders. What makes them so successful is their commitment to two abiding principles: speed and flexibility. The speed allows them to close multimillion loans in days instead of weeks or months. And the flexibility lets them look at each loan as a discrete entity, evaluate it without applying preconceived, unyielding templates, and deduce ways to make it happen. More than once, it’s been said by the competition that Kennedy ‘pulls rabbits out of hats.’
“There’s a little more to it than magic,” chuckled Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc. “We look at every loan with a ‘can-do’ attitude, which is the exact opposite of what most traditional lenders do. When William came to us for his first loan, his collateral was raw land, which conventional institutions seldom touch. Plus it was in Florida, a state many lenders today are shying away from. We had no such inhibitions. For one thing, we like raw land loans, and we probably do more of them than anyone else. And we knew Pasco County was growing quickly, the project’s location was ideal, and the Center would be a valuable and popular addition to the area. So we had no problem with restructuring his original $13.5 million loan into in a $47 million package. We were happy to be there for him - twice.”
Kennedy Funding’s streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as five days, and often in no more than two weeks. With a deep source of funds at their disposal, available loans range from $1 million to $100 million and more when the need is there. Part of their uniqueness comes from a policy based upon flexibility, as witnessed by their willingness to accept raw land as collateral, and to fund developments in international locales as far-flung as Fiji.
While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks, TV and radio stations, airlines, and sports complexes, among others. Professionals including land-use developers, resort builders, entrepreneurs, and prominent businessmen have used the services of Kennedy Funding to great success. They can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
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