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Kennedy Funding Closes $1,100,000 Cash-Out Refinance Loan
By kffadmin • In: News external • On March 30, 2017 • Views: 0Read More -
Kennedy Funding Closes $1,100,000 Cash-Out Refinance Loan
Read MoreWorking Capital to be used for the opening of new upscale eatery, the Mebane Steakhouse near Raleigh, North Carolina
MEBANE, NC – Transforming the site of a city landmark is no easy task. That didn’t deter Kenny and Elizabeth Knight. They had a dream of bringing a new eatery to the now vacant location of what was once a local favorite establishment. Their only major obstacle was securing the needed funds to make it a reality. Enter Kennedy Funding. Their land loan and the Knights’ vision has whet the appetite of people throughout the area.
Kennedy Funding LLC, a large nationwide direct private lender based in Englewood Cliffs, New Jersey, has announced that it has closed on a 2-year $1,100,000 working capital loan to Mebane Steakhouse, LLC. The loan will provide working capital to the borrowers who are also the owners and proprietors of the soon-to-be opened Mebane Steakhouse in Mebane, NC. Word has it, the reservations list keeps growing and growing by the hour.
The 11,000 sq. ft. retail/commercial property, formerly the A&M Grill, a Mebane staple for more than 60 years, is located at 401 E. Center Street in Cheeks Township, North Carolina about 20 miles outside of Raleigh/Durham. When opened, it’s reported that the Mebane Steakhouse will provide jobs for close to 75 people within the community.
Lending/refinancing on land, strictly based on the value of redeveloped land, is not common. Traditional lenders, such as banks, have strict limits on borrowing when it comes to redeveloped land as collateral. As the Knights found out, it was a try, try and try again approach that ultimately led them to Kennedy Funding. The process of securing a loan initially began in the spring of 2015, but due to the nature of the purpose of the loan, the necessary working capital to get the project off the ground never came to fruition. That is until, the Knights contacted Kennedy Funding. As a direct private lender, Kennedy Funding has more flexibility in lending and is not impacted by the same regulations that conventional lenders encounter. According to a relatively recent report in Bloomberg News, direct lending funds enjoyed an uptick to a record $29.9 billion worldwide in 2014. The Mortgage Association reports that alternative lenders, including direct private lenders like Kennedy Funding, saw a 68% increase in lending activity in 2015.
Kevin Wolfer, CEO of Kennedy Funding, sees what the Knights went through all the time. “People come to us with their dreams and I’m not going to be the one who tells them that it can’t become a reality. They’ll often say to me, if only I had the working capital to move my vision forward. When they hear, you’ve come to the right place, because that’s what Kennedy Funding is all about – turning borrowers’ dreams into realities on the ground.
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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Land loan from Kennedy Funding gets Long Island development off the ground
Read More$860,000 bridge loan to be used for working capital for 22-parcel project on Long Island
ENGLEWOOD CLIFFS, NJ — Securing financing for a development project with only raw land as collateral has become more difficult in recent years thanks to a combination of stricter government regulations such as the Dodd-Frank act on lenders, and traditional financial institutions becoming more conservative in their lending practices.
Kennedy Funding LLC, a large nationwide direct private lender, has announced that it has closed on a $860,000 loan to La Mare Win, LLC. The land loan will provide working capital for the borrower to begin on a residential development in the Long Island community of Glen Cove, NY.
The 6.82-acre property, purchased by La Mare Win in 2014, is located on a cul-de-sac on Burns Avenue on the Long Island Sound about 30 miles from Manhattan. La Mare Win is still in the early stages of the permitting process with the Glen Cove Planning Board. The company’s current plan is to subdivide the property into 22 parcels with 21 single-family homes, and 12 affordable housing units for rent.
The La Mare Win property is convenient to Sea Cliff Beach, as well as the Sea Cliff Long Island Railroad station, and the $1 billion Garvies Point waterfront district that recently broke ground, which will be a 56-acre mixed-use development that will include residential, commercial, restaurant, retail, cultural, park and green space.
Lending on land, strictly based on the value of undeveloped land, is not common. Traditional lenders, such as banks, have strict limits on borrowing when it comes to raw land as collateral. As a direct private lender, Kennedy Funding has more flexibility in lending and is not impacted by the same regulations that conventional lenders encounter. According to a report in Bloomberg, direct lending funds surged to a record $29.9 billion worldwide in 2014. The Mortgage Bankers Association reports that alternative lenders, including direct private lenders, saw a 68 percent increase in lending activity in 2015.
“Very few, if any, traditional lenders are willing to provide loans on raw land,” explained Kevin Wolfer, CEO of the Englewood Cliffs, N.J., firm. “Raw land loans are seen as a greater risk because of the perception that the borrower has less of a stake in undeveloped land.”
What also makes lenders nervous about raw land loans is, if the development project does not go forward, the lender is stuck with undeveloped or unfinished land that may take a long time to sell.
“A borrower comes to us with a vision for their project,” Wolfer said. “But there’s one major obstacle: getting money for working capital to move the project forward. Making that happen is what Kennedy Funding is built on.”
Kennedy Funding LLC, a nationwide direct private lender, specializes in bridge loans for commercial property including land, acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed in excess of $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing in equity-based loans up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding LLC continues to actively seek new funding opportunities throughout the world.
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After 7 “No’s,” Mortgage Broker Gets A “Yes” For Assisted Living Project
Read MoreKennedy Funding closes the deal when traditional lenders close the door
ENGLEWOOD CLIFFS, NJ – After 30 years in the mortgage business, not much can surprise Larry Michaelessi.
But when he shopped a land loan for an assisted living facility in East Windsor, New Jersey, he kept getting turned down.
Seven times, in fact.
Traditional lenders, he found, are hesitant to do land loans in the assisted living sector. Concerns include overbuilding, developers overestimating income potential, and regulations regarding how much risk a lender can take on.
Then Michaelessi came across a story about Kennedy Funding in Scotsman Guide, a respected national commercial mortgage publication. He had heard good things about Kennedy Funding, a direct private lender based in Englewood Cliffs, New Jersey, but had never worked with them. Michaelessi knew the company had a reputation for being able to close quickly, and that’s just what he needed.
Even with the optimism in the lending market over the easing of credit, it can still be difficult for developers to secure commercial real estate loans from conventional lenders. That’s where a direct private lender like Kennedy Funding steps up. Securing lending from a direct private lender is a different process than going to a bank for a loan. Financing is secured based on the value of the collateral of the property, not simply the borrower’s credit. The process includes appraisal, environmental inspections, title searches, and providing a repayment plan and exit strategy.
Michaelessi got what he needed for his White Plains-based Hudson Capital Group client as the $1.705 million loan to EW Acquisition LLC was closed in December.
But he also came away with something else — a positive experience and a valuable relationship with Kennedy Funding.
“I found them to be honest, up-front and knowledgeable,” Michaelessi said. “Through all the difficulties, they fully supported me throughout the process.”
Kennedy Funding has the experience to make financing happen fast, with closings in as few as five days. The principals of the company have closed more than $2.5 billion in loans to date for projects close to home and around the world. This project was attractive, Kennedy Funding CEO and President Kevin Wolfer said, because of a need for senior housing. As senior housing occupancy has increased along with the aging population, he said, there are solid opportunities for investment. The Trenton area, he added, has a high population with major employers such as Princeton University, Merrill Lynch and Bristol-Myers Squibb. That population supports a market for senior housing.
The loan secured by Kennedy Funding for EW Acquisition LLC will be used for working capital and for improvements in the development, The Seasons at East Windsor. The 89,038-square-foot facility will be on a 3.97-acre property, with 121 units and 148 beds. The facility will have both assisted living and memory care housing.
Even in a business where Michaelessi helps clients with financing for everything from fix-and-flips to land loans, often dealing with financing and loans that aren’t available in the mainstream market, his experience with Kennedy Funding stands out.
“Because of my 30 years of experience, I know a good lender from a bad lender,” Michaelessi said. “Many are bait-and-switch types. Or they can’t close. Good ones deliver on their promise. Kevin stood by me like I was a relative of his.”
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Kennedy Funding Closes A $1.705 Million Loan for East Windsor, New Jersey Assisted Living Facility
Read MoreLoan proceeds to be used for working capital for a new 148-bed memory care facility
Englewood Cliffs, New Jersey – Kennedy Funding, a direct private lender based in Englewood Cliffs, New Jersey has closed on a $1.705 million loan to EW Acquisition LLC. The loan proceeds will be used for working capital and to fund infrastructure improvements at The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor, New Jersey.
The property was purchased in July 2005 for $625,000. The 89,038 square foot improvements are scheduled for completion in 2017 and situated on a 3.97-acre site. The development will contain a mix of assisted and memory care units.
“We are always excited to be lending for housing for seniors,” says Kevin Wolfer, president and CEO of Kennedy Funding. “There is a tremendous need for senior housing. In New Jersey in particular, we seek out opportunities in that sector. We know that senior housing occupancy increased during the third quarter of 2016. That coupled with the aging population, bodes well for the success of this type of housing.
“Furthermore, the Trenton area is rich in terms of employment. Princeton University, Merrill Lynch and Bristol-Myers Squibb are just a few of the major employers, so population count is high.”
Despite the optimism in the lending market regarding easing of credit, it is still a major challenge to secure commercial real estate loans today. Kennedy Funding has earned an enviable reputation for providing fast short-term loans when banks and other conventional lenders cannot deliver.
About Kennedy Funding:
Kennedy Funding, a nationwide direct private lender, specializes in bridge loans for commercial property including land, acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed in excess of $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world. -
Kennedy Funding Closes a $1.7 Million Land Loan on Suitland, Maryland Multifamily Development
Read MoreCommunity value doubles after rezoning to 175 apartments and 57 townhomes
Suitland, Maryland – The principals of Bedford Crest, LLC knew they were on to something big when they entered into contract to purchase 10.66 acres of raw land in Suitland, Maryland in 2014 for $900,000. They had one of the best land sites in the area at Old Branch Road, a location near Andrews Air Force base and the Census Bureau which employees 8,000. In close proximity are also the Capital Beltway (I-495) and the Suitland Metrorail facility.
It took two years for the borrowers to successfully rezone the property allowing for 175 apartments units and 57 townhome units, thus improving the value of the property by millions. But when it came to finding a lender willing to lend based on only the borrower’s vision and using the land as collateral, that’s altogether another story.
“That’s where we come in,” says Kevin Wolfer, president and CEO of Kennedy Funding, a nationwide direct private lender based in Englewood Cliffs, New Jersey. “There are very few lenders in the country – if any – willing to take the risk. While valuing real estate in any market is extremely challenging, we based this loan strictly on the land value with the new zoning in place.
“We saw the potential of this site,” he adds. “The borrower doubled the density of the project which in turn boosted our loan size. It’s a win-win for Kennedy and the borrower, alike.”
Kennedy Funding closed on the $1.7 million loan. The borrower, Bedford Crest, LLC will use the loan proceeds for acquisition of the property, infrastructure improvements and for working capital.
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed in excess of $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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Kennedy Funding Closes $1,525,000 Land Acquisition Loan
Read MoreLand loan to be used for the purchase of a to-be-built upscale hotel and hostel in Bywater
Englewood Cliffs, NJ – Turning the property of an old seafood plant into a luxury hotel might scare the pants off some lenders, but not Kennedy Funding.
The Englewood Cliffs, New Jersey-based direct private lender, announced that it has closed a $1,525,000, 2-year loan to Pelican Royal, LLC. The loan will be used to purchase a 40,000 sq. ft. lot formerly housing a seafood processing plant in the Bywater neighborhood of New Orleans, Louisiana fronting Charles Street and bounded by Mazant Street and Royal Street.
“When a lender looks at a vacant piece of land in New Orleans and is asked to provide a loan for a hostel, odds are the loan isn’t happening. Banks and non-traditional lenders would be just too turned off. They would say, it’s just too high risk – can we get paid back on the loan?“That’s exactly the kind of loan Kennedy Funding thrives on,” says Kevin Wolfer, CEO. “We see opportunity and share in the vision of the borrower. We worked tirelessly to help Stateside move forward on the acquisition. They had significant equity in the project and we were able to deliver their funding requirements. It’s a win-win-win situation for the borrower, for Kennedy Funding, and for the community.”
The plans call for a 32,000 sq. ft. upscale hotel and hostel called Stateside with a mix of 43 private and shared rooms and a range of public amenities including a laundromat, courtyard, pool, restaurant and bar, and a coffee and juice shop. The building will be two stories on the more residential side facing Royal Street and three stories on the more industrial side of Charles Street.
The New Orleans City Council approved the project in a 6-1 decision on May 19 and the Historic Districts and Landmarks Commission unanimously approved preliminary designs on June 16.
With help from the Kennedy Funding loan “purchasing this property is the next big step forward for Stateside,” says Ted Kelso, president of Stateside. “As we move towards our opening in early 2018, we continue to work with our neighborhood to make Stateside a welcome addition to Bywater. We look forward to providing amenities for our neighbors, jobs for our community, and a new option for our growing tourism sector in one of our most popular, yet underserved, neighborhoods.”
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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Kennedy Funding Completes $1.1 Million Loan for Utah Development Site
Read MoreFunding is secured by nearly 59 acres targeted for residential development
Englewood Cliffs, NJ – Kennedy Funding LLC has closed on a $1,108,800 loan for a 58.8-acre development site in Cedar City, Utah, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest-only funding was secured by Coral Reef Enterprises, which is in contract to purchase the property for $3.95 million.
The site, zoned R-3-M (multifamily residential), is located at East Fiddler Canyon Road in Cedar City, Iron County, within the St. George submarket. “The property had preliminary approvals for 586 multi- and single-family units,” said Wolfer. “Those approvals have expired, but the city planner has indicated that it is likely the development will be approved as it was previously, with minimal changes.
“Population growth has started to increase in the region, and most local industries, including construction and business services, have been adding jobs,” he said. “Average home prices and sales have been increasing as well.
“The demand for residential in the region and the likelihood of the new final approvals provided the impetus for the funding, given any other issues,” said Wolfer. “At the same time, the seller is holding a second mortgage behind our first lien — because they are holding a note behind the first mortgage, most banks would not allow that.
“The bottom line is that this transaction is a prime example of our ability and willingness to support projects and properties that make sense economically despite any such issues,” he said.
In preparation for construction, the site currently has all public and municipal utilities already in place; including sewer, electric, natural gas, telecommunications, and sufficient water supply to support the proposed development, according to the city engineer. Pending final approvals, development is slated to be phased over 18 to 24 months.
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed more than $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days, including just two days for commitment and just days to subsequently close. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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Kennedy Funding Completes $1.6 Million Loan for Development Site
Read MoreProperty is cleared for development of 162,000 square feet of commercial/residential
Colchester, CT – Kennedy Funding (KFF) has closed a $1.6 million loan for a 16-acre development site in Colchester, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The property is situated in southeastern Connecticut’s New London County.
The two-year, interest-only funding was provided to Settlers Greene, LLC, an affiliate of owner J Healy Builders LLC, and will be serviced by KFF according to Wolfer.
Known as Settlers Greene, the property is situated at 312 Lebanon Avenue in Colchester. “Lebanon Avenue doubles as Route 16, an important connector to downtown Colchester, making it a prime development site,” said Wolfer.
Acquired by the borrower in 2004 as raw land for $980,000, the property has since undergone $920,000 of architectural, engineering and legal work to obtain development approvals from the Colchester Planning and Zoning Commission for mixed-use residential and commercial condominium development.
“The site is currently cleared for development of 67 units totaling nearly 162,000 square feet,” said Wolfer. “That includes 43 townhouse units, 20 live/work units, and four apartments. Well-located sites with approvals in place are an important part of any local economy, and we are pleased to be able to provide the necessary financing.”
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed more than $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days, including just two days for commitment and just days to subsequently close. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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Kennedy Funding Unveils Innovative New Lending Program
Read More6&3 Program Offers a Lower Rate from One of the Country’s Largest Direct Lenders
Englewood Cliffs, NJ – Kennedy Funding, well-known nationally as a high-end direct private lender, has introduced a innovative new lower-rate lending program focused on specific property types. The 6&3 Lending Program is now in place for multifamily properties, shopping centers, offices, and “other qualified properties,” said Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based firm.
It is still a hard-money loan program, according to Wolfer. “If there are some credit issues and the borrower may not be able to get funding elsewhere, we are in a position to provide that funding because the borrower may qualify if they have certain types of assets,” he explained.
“The 6&3 stands for a 6% interest rate plus three points, specifically targeting investments in income-producing properties across the country,” said Wolfer. “Income-producing properties are an economic staple, and it is our goal to foster investment in these types of properties.“Because of our investor relationships and resources, we are able to offer this particular loan program for the first time—it is a totally new lending program that we have never offered before,” he said. “Based on those relationships, we have developed a formula for a certain type of product that will open up a whole new avenue of lending for the short-term borrower.”
Retail is a key sector for the 6&3 Lending Program. With the growth of Internet-based retailing, many of the country’s brick-and-mortar retailers, malls and other locations that they occupy have struggled. The issue is underscored by the numerous recently-announced store closings and retail bankruptcies.
“The assets, however, are for the most part well-located and well-positioned for rebirth or repositioning,” said Wolfer. “With the 6&3 program, we are prepared to provide the funding necessary to accomplish the goals of those who are purchasing and/or redeveloping these sites if certain factors are in place.”
Suburban office properties provide a similar opportunity in markets where companies and their employees have gravitated to urban locations. “The trend has left many of these properties ‘stranded,’ and because they were constructed 30-40 years ago in many cases, they are functionally obsolete,” he said. “Once again, we are prepared to take a close look at these assets as funding opportunities.
“6&3 is our all-time low rate and the program offers a high loan-to-value ratio, up to 75%,” said Wolfer. “Our principals have closed more than $2.5 billion in closed bridge loans, many taking just days to complete. We anticipate a great deal of interest in this revolutionary effort, and our borrowers have already indicated that they are extremely excited to see this program.”
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed more than $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days, including just two days for commitment and just days to subsequently close. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
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