Kennedy Funding Closes $2.75 Million Land Loan for Kansas City Multi-Family Development
Direct private lender provides funding to support housing vision
ENGLEWOOD, N.J., Feb. 20, 2024 /PRNewswire/ -- Kennedy Funding, a leading global direct private lender, announced the closing of a $2.75 million land loan for a 420-unit multi-family project in Kansas City, Missouri. LOF GP, LLC, the borrower, acquired the 31.51-acre property, called Kimpton Falls, in April 2023 for $4.5 million and secured the loan from Kennedy Funding for working capital and cash-out.
Steven Wilson, President of Barefoot Mortgage in Austin, Texas, the broker on the transaction, said the loan demonstrates Kennedy Funding's ability to provide competitive funding solutions where other lenders fall short. "We'd been through the ringer with another lender that was supposed to close," said Wilson.
"Kennedy's interest rates were superior, with lower prices than others, and a fee structure that was far more competitive. They were professional, direct, up-front, and responsive," he added.
The strategic location of Kimpton Falls is a major advantage, being just a 22-minute drive from Downtown Kansas City and 13.7 miles from the Kansas City International Airport. Major highways and state routes encircle the property, providing seamless access and high visibility. The area also features national retailers such as Walmart, Dollar Tree, Wendy's, Starbucks, and McDonald's within a four-mile radius along with residential homes, schools, cafes, parks and supermarkets.
"The location of this property is one of the prime reasons it's poised for future success," commented Kevin Wolfer, Kennedy Funding's CEO/President. "By doing our due diligence we followed through with the deal, which showcases Kennedy's commitment to stepping in when traditional funding sources cannot meet the needs of developers."
"Where traditional lenders see obstacles, we see opportunities," said Executive Loan Officer Mark Falzone. "Our expertise in delivering funding solutions for land acquisition and development is unmatched, and we're proud to add the Kansas City project to our portfolio of success stories."
As a direct lender, Kennedy Funding's streamlined process does not depend on bureaucratic red tape and onerous loan provisions and large loan committees that borrowers face with traditional lenders, allowing for a quick turnaround on loan closings.
Kennedy Funding provides fast funding for acquisitions, working capital, refinancing, and cash-outs, catering to a global clientele across the US, Canada, Europe, the Caribbean, Central, and South America.
"With over $4 billion in closed loans, our expertise in crafting flexible funding solutions for land is unmatched, affirming our position as a dependable nationwide direct private lender," added Wolfer.
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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 $4 billion in loans to date. Its 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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