Kennedy Funding Expands Media Expertise With Loan To Hispanic Radio Station

HACKENSACK, NJ, SEPTEMBER, 2002 — Known nationwide for its expertise in commercial real estate lending, Kennedy Funding, a direct private lender based in Hackensack, N.J., has been aggressively expanding its lending scope to include diverse business sectors. Kennedy’s latest loan of $1,500,000 to La Favorita Broadcasting, Inc., demonstrates its growing presence in serving the media markets.

Previous loans to media companies by Kennedy Funding include a loan to WKOB, a television station serving the Korean community of New York City. WKOB owner Andrew Ohm is a major figure in the American Korean media market, owning the first Korean-owned TV station and the most widely read daily Korean paper in the New York metropolitan area.

The loan to La Favorita Broadcasting will enable the company to pay off liens on two of its five radio stations and provide ready capital for potential expansion through acquisitions. La Favorita operates five stations serving the Hispanic market in California, including KAFY-AM in Bakersfield; KNTO FM in Modesto; KSKD FM in Merced; KBYN FM in Modesto; and KCFA FM in Sacramento. The stations are geared primarily to the regional Mexican market in California.

"We recognize the growing influence of the Hispanic market in the U.S. and the inherent value of the market reached by La Favorita’s network of stations," says Jeffrey Wolfer, president of Kennedy Funding. California has 11 million Hispanic people, the largest Hispanic population of any state. They account for 34 percent of California’s total population and over 66 percent are of Mexican heritage. With those kinds of numbers working for them along with a strong management team, we saw La Favorita as a very strong investment opportunity. La Favorita is a prime example of a small, growing company which can take advantage of financing provided by Kennedy Funding for expansion purposes."

Rescuing companies in financial trouble and devising innovative ways to solve their financial crises is something Kennedy Funding excels at. The lender has a national reputation for its 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.

Throughout its years of serving the business community, Kennedy has compiled an enviable 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 expanded its lending scope to include enterprises across a wide variety of industry categories such as broadcasting, intellectual properties and oil and gas producing properties.

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

"No one responds to borrowers’ needs as fast as we do. We can fund in as little as two weeks and provide a commitment in just two days with loan-to-value ratio up to 70%," says Matthew Cole, a principal of Kennedy Funding. "More than once we’ve issued multi-million dollar loan commitments in under 24 hours and funded in less than 10 days."

Direct private lenders, such as Kennedy, offer numerous advantages 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 staffed by experienced loan officers and risk analysis experts enables Kennedy Funding to make fast, accurate loan decisions.

Personalized services are another quality that sets Kennedy apart from the competition. Kennedy’s loan officers work closely with the borrowers to guide them through complicated processes and advise them on financial matters and related issues.

"We don’t just hand you a check and walk away," says Cole. "Our clients receive personalized service and professional advice so that they can maximize their financial opportunities. Few lenders do this, but we have always seen the lending process as a complete cycle and we stay with the client to guide them from the beginning to the end of the process. This ensures a higher rate of success for them as well as us."

According to Wolfer, too many lenders fail to recognize the strategic importance of timing. "Far too many lenders place unnecessary obstacles and red tape in the way of the borrower that cause delays and missed opportunities. In a fast-paced competitive marketplace, time is of the essence. We knew that the quicker La Favorita received its loan, the better its ability to respond to opportunities and demands of the highly competitive Hispanic media market in California. The right funding at the right time makes all the difference."

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