Kennedy Funding’s Two Day Loan Rescues Building
From Foreclosure

HACKENSACK, NJ, MARCH 21, 2002 — In just two days, Kennedy Funding, a direct private lender based in Hackensack, N.J., turned around a $700,000 loan at the 11th hour to rescue the building owned by Shavi Purchasing of Middletown, N.Y. from foreclosure.

"Time had literally run out for Shavi Purchasing," said David Hecht, a principal with Kennedy Funding. "The company owed the bank $600,000 and nearly as much in back taxes when we got an urgent call from the owners for help."

Shavi Purchasing has owned a 163,000 square-foot building located at 9-29 Canal Street in Middletown, NY for years. The building is almost fully occupied.

After receiving the call from Shavi’s chief executive, Richard Rosenzweig, Kennedy dispatched one of its partners to check out the property, and due diligence was performed immediately. It took only two days for Kennedy to make the loan commitment. Back taxes were paid and the bank loan reduced to $100,000, leaving Shavi Purchasing solvent and in business.

"We felt that the value of the property and its prime location made it a valuable asset," says Hecht. "Shavi’s position was much like other companies hard hit by the recent economic downturn and they needed to buy time. Our assessment was that they were a worthwhile investment that we could help."

Kennedy Funding has a long history of bailing out companies in financial trouble and devising innovative ways to solve their financial crises. The lender excels in loans covering a wide variety of financial and legal scenarios including successfully dealing with commercial property workouts, foreclosure situations, bankruptcies, and situations that require "out of the box" thinking.

Over the years, Kennedy has amassed a reputation as a resourceful, key lender in commercial real estate projects nationwide. In recent years, Kennedy has branched out into commercial loans in the international arena and has broadened its lending scope to include viable enterprises across diverse industry categories.

With its expertise in due diligence and risk assessment, Kennedy Funding is able to support commercial investments of virtually any type. Unlike conventional banks, Kennedy responds to loan requests rapidly and issues decisions immediately.

"We can provide up to $300 million in as little as two weeks and a commitment in just two days with an up to 65% loan-to-value ratio," says Hecht. "In the past, we’ve issued multimillion dollar loan commitments in under 24 hours."

There are numerous advantages of using direct private lenders, such as Kennedy, over traditional lenders. These include quick responses to loan requests, diverse experience, flexibility in loan configuration, and the ability to devise innovative solutions to a broad range of lending scenarios. Being staff by experienced loan officers and risk analysis experts enables Kennedy Funding to make fast, accurate loan decisions.

Personalized services is another quality that sets Kennedy apart from the competition. Whereas most lenders lend the funds and walk away, Kennedy’s loan officers work closely with the borrowers to guide them through complicated processes and advise them on financial matters as well as other related issues affecting their business transaction. Kennedy’s clients receive a level of personal service few lenders in today’s highly competitive financial services market can match.

"Too many conventional banks place a lot of obstacles, some necessary, many not, in the way of commercial borrowers," says Hecht. "These obstacles cause delays that kill deals and lead businesses to fail. Today’s business and economic environment is fast-paced, and time costs. The ability to react quickly to market trends and opportunities is critical to business success and, as always, access to capital is the determining factor to that success."

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