HACKENSACK, NJ, March 21, 2006 – Ori Atzman was in a bit of a dilemma. Atzman, an Israeli national, wished to purchase a 95,700 square foot, six-story industrial building, located in downtown Los Angeles, California, through Intelligent Property Investments, LLC. However, he lacked tax returns and other records normally required by lenders. Hence, it was quite difficult to persuade any traditional lending institution to fund his acquisition, and Atzman began to wonder how he was going to implement his plans.

Then he was introduced to Kennedy Funding, a direct private lender based in Hackensack, New Jersey. In a little less than two weeks, Kennedy closed a loan to Atzman for $6,525,000, and his plans are proceeding as intended.

The property has retail spaces facing Santee Street on the first floor, and textile manufacturing and warehousing on the upper floors. The building is approximately 85% occupied, and Atzman’s plans are to convert it into loft apartments to be sold as condominiums. Built in 1924, the building stands on a 17,000 square foot parcel, with frontage along south Santee Street of approximately 160 feet and a depth of 100 feet. The net interior space on each of the six full floors is 15,037, and there is a mezzanine floor between the ground level and the second floor, adding another 5,500 square feet.

“It’s an attractive property,” said Jeffrey Wolfer, president and co-CEO of Kennedy Funding. “Buildings with conversion possibilities are now few and very far between, and most lenders are pulling back from that market. We don’t normally do a lot of condominium conversions, so it was kind of exciting for us. We specialize in unusual, some would say difficult loans and in delivering them quickly. I’m just pleased that we happened to be in the right place at the right time, so we could help Ori out.”

Dan Zaharoni, Atzman’s attorney, had this to say about the transaction:
“I didn’t even know Jeff until three weeks before the close. But when the term sheet showed up 24 hours after my first conversation with him, when the commitment letter was sent 72 hours after I met him, and when $6 million-plus transferred on the date it was supposed to, I knew I’d made a friend
for life.”

Kennedy Funding is at the forefront of making smart, effective business decisions. Their streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as five days, and often in no more than two weeks. With a deep source of funds at their disposal, available loans range from $1 million to $100 million and more when the need is there. Part of their uniqueness comes from a policy based on flexibility, as witnessed by their willingness to accept raw land as collateral, and to fund developments in Mexico, Europe, even exotic locations such as the Fiji Islands.

While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf course, amusement parks, TV and radio stations, airlines, and sports complexes, among others. Professionals including land use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy funding to great success. They can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.