Kennedy Funding Closes $2.64 Million Land Loan for Farming Business Expansion in Brazil
Second loan by US private lender to close in two countries in two days
ENGLEWOOD CLIFFS, N.J., April 6, 2021 /PRNewswire/ -- Kennedy Funding has once again closed an international land loan during challenging economic and geopolitical times.
The Englewood Cliffs, New Jersey-based direct private lender announced today that it has closed a $2.64 million agricultural land loan to Scariot Agro Business, LLC. Loan proceeds will be used as working capital to grow the company's farming business on a 78.775-acre tract near downtown, Camaçari, Brazil.
"Few American lenders would even consider doing business in Brazil or any South American country," said Kevin Wolfer, President and CEO, Kennedy Funding. "Local laws and red tape make the closing process arduous and nearly impossible, not to mention the fact that this is an agricultural land loan. Who lends on farmland these days? No other lender would take on the risk, especially in today's economic and political climate.
"We love land," added Wolfer. "We welcome international borrowers, and we have consistently proven that we are able to close successfully."
The lender has closed more than $3 billion in loans, including many loans in several other South American and Central American countries, and throughout the Caribbean, including Colombia, Belize, Dominican Republic, and Jamaica.
"Few lenders are confident in their ability to successfully close loans abroad," Wolfer said. "Not only do the laws that govern lending and real estate vary wildly from country to country, but your lender needs to be knowledgeable of the economic and political landscape and know how to work around any challenges. At Kennedy, we have the long-standing relationships on the ground – and the firsthand knowledge – that are vital to closing in several countries abroad, including Brazil."
João Pedro Fonseca Costa, president of Savel Capital Partners, the Portugal-based broker that represented the borrower, added that Kennedy Funding is the only lender that can do land deals. "They are fast and responsive and you can count on them to close."
The property being developed by Scariot Agro Business is located a few miles from downtown Camaçari, an industrial city in Bahia in the Salvador metropolitan region. Near major highways, industrial properties, and commerce, the property is already serviced by water, sewage, drainage, telephone, electrical, and paved roads with – curbs and gutters. The property is zoned for trade expansion.
"The site is ready for Scariot Agro Business to start their expansion right away," Wolfer said. "Thanks to our loan, the borrower can continue to grow and serve the entire Salvador region."
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $3 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
SOURCE Kennedy Funding
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