Kennedy Funding Financial Closes $880,000 Loan Secured by Texas Retail Property
Proceeds will be utilized as working capital for additional investment
ENGLEWOOD CLIFFS, N.J., June 2, 2015 /PRNewswire/ -- Kennedy Funding Financial LLC (KFF) has completed an $880,000 loan to Houston, Texas-based Sleep Shop & Bunk Bed World, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The source of the financing for the two-year, interest-only loan is Sleep Shop Lender LLC, and the loan will be serviced by KFF or one of its affiliates.
Collateral for the loan is a 16,835-square-foot industrial/retail building including a 5,800-square-foot office component, located at 5801 and 5845 Northern Freeway in Houston, utilized by Sleep Shop Super Store & Bunk Bed World as a retail furniture outlet and warehouse. The company has been in business for more than 30 years.
"This building is owner-occupied and, as such, is an unwelcome opportunity for many commercial real estate lenders," said Wolfer. "Single-tenant buildings are often considered 'high risk', because in the worst-case scenario of that tenant vacating the building, the property value would drop precipitously, potentially putting the financing into default.
"In this case, the borrower is using the proceeds of the loan as working capital for additional investment," he said. "Kennedy Funding Financial creatively structures loans to accommodate borrowers. For this transaction, the borrower wanted to acquire additional assets, and we were able to structure a financial package to provide that opportunity.
"Based on our experience and track record, we are fully prepared to go where other lenders fear to tread," said Wolfer. "A borrower, in an instance such as this, can come to us and we will make it work as we have many times. That's what differentiates our firm from other lenders."
Constructed in 1950 and renovated in 1999, the collateral property is situated on a .62-acre site in North Houston, between Tidwell and Parker Roads, with frontage on I-45 north. It is located just west of Route 59, and just north of Houston's I-610 beltway.
Kennedy Funding Financial, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm's creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial continues to actively seek new funding opportunities throughout the world.
www.kennedyfundingfinancial.com
SOURCE Kennedy Funding Financial
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