Kennedy Funding Closes $750,000 Land Loan in Southwest Florida
31.28-acre Punta Gorda site is pre-approved for housing
ENGLEWOOD CLIFFS, N.J., July 29, 2020 /PRNewswire/ -- Securing a land loan is difficult enough without a global pandemic curtailing lending activity. Despite these two major obstacles, Kennedy Funding continues to successfully close land loans across the U.S. and internationally.
The global direct private lender announced today that it has closed a $750,000 loan to JBCC Sandhill, LLC. Proceeds from the loan will be used for cash-out refinance and working capital for 24750 Sandhill Blvd., a 31.28-acre property in Punta Gorda, Florida.
"Land loans are challenging enough to fund, and COVID-19 certainly hasn't made the process any easier," said Kevin Wolfer, CEO, Kennedy Funding. "Because of our flexible lending parameters, we can find ways for borrowers to secure the funding they need, even when circumstances may make it seem impossible."
The property, zoned for residential use, was put under contract in 2017 and closed in 2019 for $1.55 million. During the two years the property was under contract, the borrower obtained all approvals to develop the site into a mixed-use complex. Current plans for the development include 321 residential units comprising 207 multi-family units and 114 manufactured homes. The property is currently listed on the market for $3.2 million.
"We don't see empty land when we review land loan applications – we see opportunity," Wolfer said.
The property is just a few minutes from retail, dining, grocery, and lodging, including a Walmart Supercenter and multiple hotels. Take a 15-minute drive from 24750 Sandhill Blvd. to access the Laishley Park Municipal Marina, ideal for fishing and boating. Avid golf players have no shortage of courses, with multiple clubs accessible from the property in under 10 minutes.
"Homeowners want to be conveniently located to as many amenities as possible," Wolfer said. "This future development will be perfect for residents looking to experience all that Punta Gorda has to offer without spending lots of time in the car."
Located in Southwest Florida, Punta Gorda is a historic town situated alongside the Peace River and the Gasparilla Sound. The town became a finalist in the Rand McNally Best of the Road competition for "Most Beautiful Small Town in America" in 2013, receiving the most votes in the "most beautiful" category.
The county seat for Charlotte County, Punta Gorda features many outdoor recreation activities, including the 2.4-mile Harborwalk recreational trail which runs along the Charlotte Harbor. The area is also home to multiple nature preserves, including the Charlotte Harbor Preserve State Park. Punta Gorda is situated close to major highways like Interstate 75 and state routes 17 and 41, making travel simple up and down the western Florida coast.
"Sun, sand, and sea – Punta Gorda has it all, and many more families will now have an opportunity to live close to the action," Wolfer said.
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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