"That's where we come in," says Kevin Wolfer, president and CEO of Kennedy Funding Financial, a nationwide direct private lender based in Englewood Cliffs, New Jersey. "There are very few lenders in the country - if any - willing to take the risk. While valuing real estate in any market is extremely challenging, we based this loan strictly on the land value with the new zoning in place.
"We saw the potential of this site," he adds. "The borrower doubled the density of the project which in turn boosted our loan size. It's a win-win for Kennedy and the borrower, alike."
Kennedy Funding closed on the $1.7 million loan. The borrower, Bedford Crest, LLC will use the loan proceeds for acquisition of the property, infrastructure improvements and for working capital.
Kennedy Funding Financial, LLC, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed in excess of $2.5 billion in loans to date. The firm's creative financing expertise enables the closing of equity-based loans up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial, LLC continues to actively seek new funding opportunities throughout the world.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kennedy-funding-closes-a-17-million-land-loan-on-suitland-maryland-multifamily-development-300360570.html
SOURCE Kennedy Funding Financial