$2.5 Million Loan From Kennedy Funding Fuels Purchase of Florida Sunoco Station

HACKENSACK, NJ, April 05, 2005 — The Southgate Sunoco gas station, car wash, and convenience store in Tamarac, Florida was under contract, the closing date was quickly approaching, and only a fast loan of $2.5 million from Kennedy Funding made it possible. Kennedy, a direct private lender based in Hackensack, New Jersey, overcame the obstacles of an urgent time frame, environmental conditions, and a complicated financing structure to complete the deal.

The Southgate Sunoco is centrally located in Tamarac, a prime location in Broward Country that is considered part of South Florida's business and cultural renaissance. The city of Tamarac, with a population of close to 60,000 people, was designated a "Millennium Community" by the White House and was named one of America's most livable cities by the U.S. Conference of Mayors. National and regional companies such as Convergys, Culligan Water Bottling and City Furniture are moving their corporate headquarters to Tamarac, bringing jobs and investment capital to the community.

When South Gate Partners, LLC, sought to make the purchase, they needed to assemble a financing package. The seller was willing to finance $900,000 and the partners could produce upwards of another half million dollars, but that meant they needed additional capital, and Kennedy Funding became the source. Under serious time constraints, and faced with the environmental issues that often surround gas stations, Kennedy thoroughly evaluated the deal and came up with $2.5 million, accepting three other properties from the buyers as additional collateral.

Bruce Wayne was the broker that connected Southgate to Kennedy. "I've worked with Kennedy before, and I've come to think of them as the only people who can work quickly," he remarked. "In fact, for overall effort, they're the folks I want to deal with." Referring to Kennedy Funding's President, he added, "Jeffrey Wolfer went all-out to make this happen."

Jonathan Weiner, a loan officer at Kennedy Funding and the initial contact on the deal, described it this way: "We finished out a financing package that had a lot of elements, particularly seller financing which often makes a deal tougher, and we found a way to make it work. The cash flow looked good." The gas station had generated a net profit of more than $400,000 for the first nine months of 2004, establishing it as a sound business investment.

Jeffrey Wolfer, president of Kennedy Funding, remarked on Kennedy's ability to finance out-of-the-ordinary transactions. "Cushman and Wakefield estimated the disposition value of the real estate at only $1,400,000, yet Kennedy came up with a loan of $2.5 million. That's because we made a determination as to the full potential of the property. This station has a 'hot' location, pumping about 450,000 gallons a month, more than double the average of gas stations in the vicinity. We looked at the solid income and expense figures, additional services offered and knowledgeable management and made our decision to deliver the funds. Coming up with more financing when others fail to is one of the things we do best," he added.

Kennedy Funding has a standard policy of careful evaluation based on the quality of the collateral and inherent value of the project or business. Their quick, precise appraisals and ability to issue loan commitments in as little as 24 hours result in quick closings, often in just 2 weeks. Their speed and expertise has meant that an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen, have turned to Kennedy Funding to arrange for financing from $1 million to $100 million and more.

While specializing in commercial real estate loans, their scope of funded projects also includes amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Kennedy Funding's established reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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