Kennedy Funding Closes $3 Million Loan for Bahamas Housing Development
George Town Developer looks to US Lender to fund remaining construction
GEORGE TOWN, Bahamas, Dec. 17, 2019 /PRNewswire/ -- Kennedy Funding (kennedyfunding.com), a leading global, direct private lender, has closed a $3 million loan to Exuberant Development Inc. to complete construction for a residential community in George Town, located on Exuma Island in the Bahamas. Proceeds of the loan will be used to finish three villas situated on 17.35 acres of oceanfront real estate. The houses are 65% to 90% complete.
The 3-year interest-only loan will also help cover the infrastructure costs associated with the project's seven remaining lots.
"Finding a lender or conventional US-based bank willing to do this loan in the Caribbean is pretty much impossible," said Kevin Wolfer, President and CEO of Kennedy Funding, based in Englewood Cliffs, New Jersey. "While they see this as a risky venture, Kennedy's extensive history working in the Caribbean market allows us to fund quickly and efficiently—helping us to breathe life into these projects.
"After the devastation of Hurricane Dorian in the Bahamas, we wanted to do our part to help build this area back up, to once again become a premier destination for tourists and residents. Any chance we have to help generate future revenue for the Bahamas economy is an opportunity we can't afford to pass up."
George Town is the capital and the largest town of the Bahamian district, with an estimated population of over 2,400. It's an area rich with culture, amenities, and natural beauty, and continues to be a thriving tourist destination.
"Our ability to close hard money loans with fast turnarounds, and our creative approach to finding the right lending solutions, makes Kennedy Funding the right candidate for these types of opportunities," said Wolfer. "In this case, the endless international bureaucratic red tape requirements, which change substantially from country to country, may be a deterrent for many lenders to venture outside of the US. They only see obstacles, while we see opportunity—especially in this area of the world, which is on the road to a prosperous recovery."
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 over $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 over $50 million in as little as five days. The company has closed loans throughout the Caribbean, Europe, Canada, and Central and South America.
SOURCE Kennedy Funding
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