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July 24, 2007

HACKENSACK, NJ, July 24, 2006 – Investor Daniel Lee of Speed Group, Inc. knows a great deal when he sees one. And when he saw the Falls Plaza Hotel in Niagara Falls, Ontario, Canada being sold at auction, he knew he wanted it. The 1.59-acre property includes a 113-room, 11-story tower hotel, a 32-room, two-story motel, and a 403-seat restaurant. Located on Ferry Street, the property paralleled the Niagara River. Lee’s plan was to either re-sell the property relatively quickly, invest in some refurbishing and cosmetic makeovers and then sell it, or complete the makeovers and operate it himself until it sold. In any event, all Lee needed was to locate and secure an acquisition loan to complete the deal and set things in motion.

As it turned out, finding a lender ready, willing, and able to fund Mr. Lee’s acquisition wasn’t an easy task. Apparently, there were contractual issues with the seller of the hotel, and certain building structural concerns, which needed to be addressed. Fortunately, Lee was put into contact with Kennedy Funding through Meridian Capital Group, a leading mortgage firm that brokered the $2.9 million loan. Emanuel Westfried, the Meridian broker, said, “I had worked with Kennedy once before, and I knew what they could do. For a deal like this one, taking place out of the country, with several issues, most lenders wouldn’t have even gotten involved. But we knew Kennedy could deal with the problems, close the deal, and close it quickly, so we didn’t hesitate to go back to them. And they did it.” Read More »

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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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July 23, 2007

LAKE GENEVA, WIS., July 23 — George Wight of Wight Development Group owned several tracts of land in the city of Lake Geneva, Wisconsin, a popular resort area. The various tracts totaled 226 acres of gently rolling meadows and forest, and included the Hilmoor Golf Course. And Wight had a plan that would eventually culminate in Lake Geneva’s next great resort destination. Wight wanted to subdivide the property, setting aside a 5-acre parcel for commercial purposes, and redeveloping the remaining land into a breathtaking, exclusive residential golf community. As he envisioned it, the community would cluster around a new, completely redesigned and rebuilt Lohman golf course with a new, 10,000 square foot clubhouse that included a pro shop and restaurant. The community would also include a 100-room Hyatt hotel with banquet facilities, and 277 residential units, consisting of 139 single-family homes, 56 townhomes, and 82 condominiums. It was an attractive plan, and all Wight needed was a loan to make it a reality, with his 226 acres as collateral. That wasn’t all, however. He also wanted to buy out some of his partners, and for that, he would need a bit more funding. Without question, he required a sizeable loan, plus he needed it quickly to satisfy those partners. And he soon discovered that lenders weren’t exactly fighting each other for the privilege of helping him. It was a good thing, then, that he also discovered Kennedy Funding. Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the largest direct private lenders in the industry. They attained that position by offering two commodities that are quite rare in the traditional lending arena — speed and flexibility. So adept are they at delivering these attributes, that they can close multimillion-dollar loans in just days instead of weeks or months. And complications that would cause other lenders to dismiss the loan, leaving borrowers frustrated, only make Kennedy work harder, knowing that they have the expertise and experience to solve virtually any dilemma.

Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc sums it up. “We’ve always been about speed and solving problems,” he said. “Traditional lenders such as banks and credit unions are never in a hurry to close loans, especially if they spot what they consider an ‘irregularity.’ Why? They don’t have to be. They know they’ll always have a steady clientele, regardless of how they treat their clients. By contrast, we got started by offering a sensible, creative alternative to the stifling policies of the industry. At Kennedy, we can make the loan happen if it’s at all possible. And one thing we never do is keep our clients waiting. George’s loan was a case in point. There were a few issues to be dealt with, such as his partner buyout, but they weren’t anything we hadn’t encountered before, and we were able to get him his loan in a more than adequate time frame - even when no one else could … or would.” Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 12% and three points.

The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request. While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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June 8, 2007

As Traditional Lenders Shy Away from the Residential Market, Kennedy Shares Borrowers’ Vision & Steps in to Fill the Void

HACKENSACK, N.J., June 8 — A dream was coming true for an affiliate of YJR Realty, LLC. They were working on bringing a complicated development to fruition on waterfront property in Georgia, a development that would literally change the face of a town.

When completed, the project will be a large-scale waterfront resort and community, a ‘city within a city’, containing hundreds of residential units. There will be high-density, single-family homes in a town center setting, and retail businesses along a central boulevard. Several mid- and high-rise condominium buildings along the perimeters will total several hundred one, two, and three-bedroom units. The ‘city’ will also feature a lifestyle center with a clubhouse, themed pool area, tennis center, a condo hotel, restaurants and shops. A private boardwalk will run along the waterfront, and owners will be granted membership to a nearby golf club. The development will also have private beach clubs, a fitness center, and a spa.

The most unusual attraction with the development, however, is that it will boast one of the few new deep water marinas to be permitted on the Atlantic coast in recent history. Plans call for hundreds of wet slips as well as dry slips, and many lots have views of the water. All in all, the development is in a desirable location, with the finest amenities, and many of the lots were already sold.

In addition, the project was enthusiastically supported by the city. The development has the potential to generate increased commercial and retail revenue for local businesses, and also to decrease the tax burden across the board in the city. One city estimate for the development’s impact placed the annual property tax revenue from the site at several million dollars when completed. The city currently operates on an annual budget that derives a total annual property tax revenue of approximately one-half of that figure at the present time.

There was a problem, however. The project had been self-funded, resulting in a development pace slower than the developers or the city desired. So in order to increase development speed, extra funding was needed. And the company, in fact, had arranged financing through a small bank. However, after dragging out the process, the bank finally admitted it was unable (or unwilling) to fund. So, with time becoming more crucial by the day, the developers needed to make other arrangements. Fortunately, those arrangements turned out to be with Kennedy Funding.

Kennedy Funding, headquartered in Hackensack, New Jersey, is the industry’s leading direct private lender. Since their inception, Kennedy has specialized in making the ‘impossible’ loan not only possible but routine, thanks to speed, flexibility and creativity which traditional lenders simply cannot, or will not, provide. Kennedy can close loans in days instead of weeks or months, and specializes in something else that conventional lenders typically shun: raw land loans.

As Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc puts it, “More and more, we see traditional lenders pulling out of the residential market, for one reason or another. And even in a case like this one, they can’t seem to see the vision in the plan. We, on the other hand, always consider a loan on its own merits. We don’t try and squeeze it into a list of rules, regulations, or requirements, as do conventional lenders. If the loan appears viable, and our due diligence confirms it, we’ll find a way to make the loan work. In this case, the project was already in development, the city was fully behind it, and its future was assured. So we had no problem accepting part of the undeveloped land as collateral and making them the loan that the banks couldn’t - or wouldn’t.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days and, in some cases when time is critical, even quicker. Available financing ranges from $1 million to $100 million and more. The staff at Kennedy Funding is skilled in a wide range of business sectors, and focuses an impressive amount of expertise, experience, and dedication on each loan application.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also resulted in loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding where other financial institutions cannot. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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May 7, 2007

HACKENSACK, N.J., May 7 — When Erik Wendt, CFO of Resort Development Group, LLC, needed additional funding for his newest Florida resort, he wasn’t quite sure where to turn. He was spearheading the refinancing of the project known as the Tierra Del Sol town home and condominium development just ten minutes south of Walt Disney World in Polk County, Florida.

The residential resort was being built on 120 acres, and was approved for 540 townhome units and 432 condominium units. In addition, the development was to feature several value-adding amenities, including a huge clubhouse with all the modern conveniences, large outdoor swimming pool, a water park complex, and retail shopping areas. All Wendt needed was a loan, and the dream could begin unfolding.

Therein lay the problem, as Wendt was unable to find a lender interested in or able to fund his project — until he discovered Kennedy Funding in Hackensack, New Jersey, the industry’s leading direct private lender.

Kennedy Funding has built a reputation on bringing two major assets to the table that other lenders consistently do not: speed and flexibility. They specialize in situational lending, whereby each loan is considered on its own merits and not judged according to a list of standardized requirements and regulations. The results of discarding this ‘cookie-cutter’ approach is that Kennedy can close deals that others cannot, and close them in days instead of months, giving rise to the reputation that they can finalize loans that others consider ‘impossible.’

According to Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc, “We can often see the value where conventional lenders just can’t. Looking at Erik’s project in Florida, we did our due diligence and could identify with what he was trying to build. It’s in an optimum location within minutes of Disney World, the residences are attractive and built well, and the features are first-rate. Granted, it was a complex project, and many lenders are skittish about land deals in Florida today, but we used a little Kennedy magic of our own and were able to get the deal done on an expedited basis.”

The future looks bright for Erik Wendt and Resort Development Group, LLC. Adjacent developments will help to create a synergy with his own, and approximately 80% of the units in Tierra Del Sol have been presold at a rewarding price per unit. In addition, prices in the Orlando area, including Polk County, have remained stable in recent years.

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and three points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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April 20, 2007

HACKENSACK, N.J., April 20 /PRNewswire/ — Less than two years after a $40 million loan from Kennedy Funding for a 214-acre land purchase just four miles from the main gate of Walt Disney World, Sham Maharaj of BVC Partners I, LLC was eager to do business again. This time, he was seeking another $30 million to pay off the original balance and finance improvements to the mixed-use property known as “Marbella,” which is northwest of Interstate 4 in Orange County, Florida.

In the months following the original loan, the developer sold off a 48.22- acre tract of the land to the Hilton Grand Vacation Company (Hilton Resorts) for $43.299 million, reducing the balance of their original loan to just over $10 million. Plans currently call for a variety of uses for the remaining land, which totals just under 166 acres. A combination of a proposed “town center” development, commercial/high-end retail, office, and condo/hotel/timeshare space will occupy the various lots within the land, which also includes the 51.6-acre Lake Ruby. The property is entitled as a Planned Development, which allows for 303,230 square feet of commercial space, 344,500 square feet of office space, 100 hotel units, 723 timeshare units and villas.

Loans of this size are often quite difficult to close, especially relying on vacant land as collateral. That’s precisely why Buena Vista Corporation went directly to Kennedy Funding. “Loans like this certainly don’t meet typical lending criteria. In fact, most lenders won’t go anywhere near land loans in Florida,” noted Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc, “but we specialize in these types of opportunities. We look at more than just the numbers. We consider many factors. We take into account the proximity of the property to other commercial entities, other development activity-both existing and planned, as well as the client’s history.”

Wolfer continued, saying, “All these issues, combined with a very in-depth analysis of the property, made closing this deal a relatively smooth transaction. Mr. Maharaj and Lake Buena Vista Corporation have worked with us before and they were quite happy with the results. Coming directly back to us for the second loan saved them time and money and could move up the completion date of their development considerably.”

Sham Maharaj of BVC Partners I, LLC added, “Jeff Wolfer and Kennedy Funding came through when others couldn’t.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days. In some cases, when time is unusually critical, deals can be closed even quicker. Available financing ranges from $1 million to $100 million and more, with rates as low as 9% and three points.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity have also resulted in loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding where other financial institutions cannot. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies and foreclosures.

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March 28, 2007

Hackensack, NJ, March 28, 2007 — William Planes’ company, Trinity Town Center, LLC, owned a 13.49-acre parcel of land in the Trinity area of Pasco County, Florida, and had obtained final subdivision approval and permitting for development of a mixed-use Retail and Office Complex. Everything
looked to be in order for Planes’ envisioned destination lifestyle center.

The development would be impressive when finished. It would have over 200,000 square feet of office and retail space in 15 buildings of one, two, and three stories. There would also be several restaurants, commercial and medical uses, along with 845 parking spaces, about half of which would be on the surface. The attractive complex would combine a traditional look and
a contemporary feel, with masonry construction and streets surfaced with pavers. And Planes wanted to get started, for a couple of compelling reasons.

First, he had all his approvals and permits, and there was no need to wait. The second and most compelling reason was that pending impact fee increases would elevate the cost by literally millions of dollars, a powerful motivation to commence construction. Planes had thought that the problem was solved when he received a commitment from a private lender for a loan that would allow him to start building. But after ten months of waffling and excuses, the lender couldn’t fund — and Planes was without a loan.

So, to avoid the crippling fee increases, Planes began anyway, without funding and using his own money. He preserved the lower impact fees, but found himself needing a loan to continue the project. And, admittedly, he was now a bit leery of private lenders.

Until he met with Kennedy Funding, and finally found one he could trust.

Kennedy Funding, headquartered in Hackensack, New Jersey, is the industry’s leading direct private lender. They are at the forefront of
situational lending, which means that, unlike traditional lending institutions, Kennedy offers unparalleled speed in closing, and looks at each loan on its own merits. If the loan is deemed feasible, Kennedy uses their years of experience in dealing with ‘unusual’ loans to make it happen, sometimes in record time. According to Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc,
“A lot of people look at what we do, and think we do the impossible. Maybe it is, to them. But the difference is, we’ve never believed anything was impossible and, unlike the banks, we don’t use cookie-cutter rules to disqualify a loan just because it doesn’t fit some arbitrary pattern. In William’s case, he had the misfortune to become involved with a lender of questionable repute, and suffered the consequences. But we knew his loan was a good one immediately. Pasco County is growing rapidly, there is a lot of construction going on or in the planning stages, and Trinity Town Center is unique to the area. Its location is ideal, with a subdivision and a professional-grade golf course right next door. We had no problem closing his loan in two weeks.”

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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March 5, 2007

Loan Helps Texas Developer Purchase Another Property Just in Time

Hackensack, NJ, March 05, 2007 — John M. Golden was in a predicament. Through his company, Golden Pointe, LLC, he wanted to purchase an attractive piece of property, and he needed a loan with which to do it. There was also a time element involved, which meant he had to close the deal fairly quickly. He just wasn’t quite sure how to go about it.

Then he had an idea. He already owned a waterfront tract of land on North Padre Island, in Corpus Christi, Texas. It was an enviable piece of property at the southern tip of the Corpus Christi Bay, just north of the Laguna Madre. Although the land was undeveloped, it had the potential of being turned into a commercial/retail project, or a mixed-use residential project, including a marina. What’s more, since Golden purchased it in 2003, the land had appreciated considerably, and he wanted to use it as collateral to close on his new acquisition. But who would lend him money, secured by raw land, for him to purchase another piece of property? Read More »

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Loan Helps Texas Developer Purchase Another Property Just in Time

Hackensack, NJ, March 05, 2007 — John M. Golden was in a predicament. Through his company, Golden Pointe, LLC, he wanted to purchase an attractive piece of property, and he needed a loan with which to do it. There was also a time element involved, which meant he had to close the deal fairly quickly. He just wasn’t quite sure how to go about it. Then he had an idea. He already owned a waterfront tract of land on North Padre Island, in Corpus Christi, Texas. It was an enviable piece of property at the southern tip of the Corpus Christi Bay, just north of the Laguna Madre. Although the land was undeveloped, it had the potential of being turned into a commercial/retail project, or a mixed-use residential project, including a marina. What’s more, since Golden purchased it in 2003, the land had appreciated considerably, and he wanted to use it as collateral to close on his new acquisition. But who would lend him money, secured by raw land, for him to purchase another piece of property? When he met Kennedy Funding, he found out. Kennedy Funding is the industry’s leading direct private lender, and they are also the premier raw land loan experts.

Headquartered in Hackensack, New Jersey, they excel in situational lending, bringing unprecedented speed and creativity to even the most troublesome loan challenges. Unlike conventional lending institutions, such as banks and credit unions, Kennedy looks at each loan and evaluates it on its own merits. If the loan is feasible, Kennedy is typically able to close in ten business days or less, and fund amounts up to $100 million and more. Said , Kennedy President and Co-CEO, “Other lenders might have had misgivings about accepting John’s raw land as collateral, but we look on such loans with excitement, and are eager to make them work. And we liked the property immediately. It is prime beachfront land, the zoning is very favorable, and we knew the land would only continue to appreciate. So we were actually able to make him a loan of more than twice the amount he paid for the land when he originally bought it. And we made it happen within his time frame.” Kennedy Funding’s streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as few as five days, and usually 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 greater 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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February 28, 2007

Philadelphia, February 28, 2007 – Joseph F. Logue, Jr. of Churchill Residential Development, LP knew a piece of property with potential when he saw one. In particular, he was looking at a stretch of redevelopment real estate located along the banks of the Delaware River in Philadelphia, Pennsylvania. It was a 71-acre tract that had recently been rezoned from industrial to mixed use, and could be re-subdivided into three lots. One lot would be for commercial/retail with six buildings of two to eight stories each. A second lot would be residential with 1,700 residential units consisting of low-rise flats, brownstones, high-rise condominiums, and town homes, while the third lot would remain industrial.

Logue was committed to purchasing and building out the residential parcel and therefore was looking for an acquisition loan for the purchase of that 60-acre tract. The acquisition wasn’t going as quickly as anticipated, however, as there were some issues to be dealt with concerning the purchase that were making it difficult to find an agreeable and capable lender. Then he was introduced to Kennedy Funding, and the landscape changed almost immediately for the better.

Kennedy Funding, headquartered in Hackensack, New Jersey, is the industry’s leading direct situational lender. Specializing in what to other lenders are ‘impossible’ loans, and bringing the kind of speed to the deal that other lenders simply cannot match, Kennedy specializes in loans that require experience, diligence, and unrivaled creativity.

According to Gregg Wolfer, Chief Operating Officer of Kennedy Funding, Inc, “Joseph’s deal had some conditions that had to be dealt with. One was a waste management operation near the water’s edge that needed to be moved. One was an equity problem. Another was the existence of contamination issues. And still another was that part of the site is in the flood zone and will need to be filled. But this is the kind of problem-solving Kennedy is known for, so we got to work and were able to close the loan more than quickly enough to meet Joseph’s timetable.”

Allan Rich of Meridian Capital Group, one of the largest commercial mortgage brokerage firms in America, agreed. As Senior Loan Officer, Rich brokered the deal between Kennedy and Churchill, and had this to say: “I’ve been in this business for over 30 years, working for several major firms, and I’ve seen literally dozens of lenders come and go. , Brendan O’Brien, and all of the Kennedy Funding staff went above and beyond anything I have ever seen during those 30 years. They addressed every problem, picked them apart, and made everything run like clockwork.”

Wolfer also noted that residential and commercial demand in Philadelphia is strong and available units are in short supply. “The real estate market in the city has been and remains active,” added Wolfer, “helped by a 10-year tax abatement that keeps buyers buying. Several new commercial high-rises are under construction downtown, and Joseph’s project will help fill a noticeable void.”

Kennedy Funding’s evaluative process is quick, expert, and thorough, determining the intrinsic value of both the collateral and the project for which the funds are requested. The firm has the ability to issue loan commitments in as little as 24 hours, which can lead to a closing in less than a week. Available financing ranges from $1 million to $100 million and more.

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 major businessmen have used the services of Kennedy Funding to great success. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.