Kennedy Funding Closes $3.2 Million Loan To Maryland Engineering Firm
Funds to be used for working capital by leading global forensics investigation firm
ENGLEWOOD CLIFFS, N.J., Nov. 8, 2018 /PRNewswire/ -- Kennedy Funding, (www.kennedyfunding.com), an Englewood Cliffs, New Jersey-based global direct private lender, today announced that they closed a $3.2 million loan to Reynolds Estates, LLC.
"Once all of the documentation was completed and submitted, the process moved incredibly fast," said Lamar Barnes, principal of BW Capital Advisors and a general debt advisor to RTI Forensics, the engineering firm related to the borrower. "Kennedy Funding closed the loan in just 10 days. They managed the entire process well from beginning to end."
Proceeds from the loan will be used toward debt repayment and working capital for RTI Forensics' 46,053-square-foot headquarters located at 401 Log Canoe Circle in the Chesapeake Bay Business Park, Stevensville, Maryland.
According to Barnes, the borrower needed funds to recapitalize. Barnes referred the borrower to Kennedy Funding to help secure capital, but time was of the essence.
"Our ability to close loans fast is based on a borrower's ability to provide the checklist items including, but not limited to an up-to-date appraisal, a clean environmental report, and clear title," said Kevin Wolfer, principal and CEO of Kennedy Funding. "With all these documents in hand, we are able to get the loan the borrower needed in record time."
After obtaining the required documents, the borrowing process moved seamlessly, and RTI Forensics obtained the necessary funds in the nick of time.
"Conventional lending avenues can take months to review and approve a borrower's application, but borrowers don't always have months to wait, and this is where we thrive," said Wolfer. "It's essential for us to move as quickly as possible, so we've perfected our procedures. Core to that is staying organized and clearly communicating the necessary steps to all parties involved." Barnes said that Kennedy Funding's principals were speedy professionals who followed through on a tight, urgent deadline.
"The principals at Kennedy Funding were extremely clear in explaining the requirements to close on a loan, and that's one of the reasons why we were able to move so quickly to close," Barnes said. "I think they could close a loan even faster than 10 days."
RTI Forensics specializes in accident investigation, failure investigation, and safety management. The firm, which opened in 1975, acquired the 4.05-acre property in 2011 and completed its headquarters in 2013. The multi-floor building has ample meeting and conference room space, with areas dedicated to laboratories, offices, and storage. An additional 4,800 square feet is available for future expansion or an additional building tenant.
Stevensville is located on Kent Island in the Chesapeake Bay located directly across from Maryland's capital, Annapolis. Connected to the mainland by the Chesapeake Bay Bridge (U.S. Highway 50), the complex is located approximately 45 minutes from Baltimore and 1 hour from Washington, D.C.
About Kennedy Funding
Kennedy Funding is a nationwide 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 enables the closing of loans of up to 75% loan-to-value, from $1 million to more than $50 million, in as little as five days. For more information, visit www.KennedyFunding.com
SOURCE Kennedy Funding
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