Kennedy Funding’s $15 Million Loan Deals Winning Hand to Developer’s Plans for Casino Complex in Biloxi, Mississippi

Biloxi, Mississippi – Peter A. Simon of West D’Iberville Development, LLC had a dream. He’d had it for a very long time. And he had methodically gone about making it happen.

Simon scouted the Biloxi, Mississippi market for several years, looking for a site to build a casino complex. He knew the Gulf Coast region was perfect for such an establishment, and he was determined to become a part of it. Finally, after patiently but relentlessly pulling things together, he had assembled 36 individual parcels into one 16.3-acre plot. It was a water-view site on the north side of the Back Bay in D’Iberville, just 2.5 miles north of the heart of the casino action in Biloxi. It was worth waiting and working for. It was perfect. And, to top it off, he had gotten site approval from the Mississippi Gaming Commission to build his casino.

Now, if only he could find a loan to get things up and running, he could let the games begin. And he wasn’t about to gamble when the fruition of his dream was literally within reach. So he went with a sure thing, and called Kennedy Funding.

Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the largest direct private lenders in the industry. Since 1987, Kennedy has been known as the lender who can deliver the two most important commodities to a borrower: speed and flexibility. Borrowers can receive a commitment in mere hours, a closed loan in just days, and amounts from $1 million up to $100 million and more. Kennedy is also known in the industry as the lender who doesn’t shy away from the tough, problematic, or complex deals. In fact, they have successfully completed so many of them that it is said Kennedy can close transactions that other lenders won’t even consider.

Jeffrey Wolfer, Kennedy Funding President and Co-CEO, acknowledges that perception. “We decided early on that we were going to be an alternative to conventional lenders,” he said. “Instead of trying to apply the same rules and standards to everyone, we would look at each loan individually, and on its own merits. And instead of drawing the process out as long as possible, up to months in some cases, we would focus on speed. This philosophy has helped us take private lending out of the ‘hinterland’, so to speak, and bring it into the ‘mainstream.’ And in the current economy, where banks are hardly making loans at all, we’re actually more mainstream than the establishment institutions. In Peter’s case, we’re glad we were there for him. He had waited a long time, and put in long hours, to make this happen.” Wolfer smiled, then added, “I’m also pretty sure he didn’t want to wait any longer.”

Jonathan Weiner, Senior Loan Officer at Kennedy and primary contact on the deal, concurred. “Peter had done his homework. He knew Biloxi and the Gulf Coast were where the growing casino business was, and he wanted to be a part of it. He knew that all nine casino hotels along the strip that were completely or partially destroyed by Katrina were now open for business. And he knew that the Hard Rock Casino had recently opened. In short, he knew what he wanted, and we knew we could give it to him. It was a winning hand for all of us.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and three points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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