News

Kennedy Funding Completes $1.6 Million Note Purchase

Englewood Cliffs, NJ – Kennedy Funding, one of the nation’s largest direct private lenders, has completed a $1,571,385 note purchase on behalf of a limited liability company formed prior to closing. The collateral is a first lien on the 13,315-square-foot, one-story Mar-Bre Building, a fully-leased office building in Warren, Michigan. The loan will be serviced by Kennedy Funding on behalf of the limited liability company.

“The borrower had the opportunity to buy his note at a discounted price,” said Gregg Wolfer, Chief Operating Officer of Kennedy Funding. “The note was assigned to us, and we assisted him in purchasing the note and then signed an option agreement with the borrower, who continues to make monthly option payments and has the ability to exercise his option for up to three years.

“This was a situation where the borrower utilized us as leverage with the bank, giving them the ability to get the note at a higher discount than previously anticipated,” said Wolfer.

The borrower, 3665 Eleven Mile Associates, LLC occupies approximately 25 percent of the building which was constructed in 1988 and is situated on 1.3 acres at 3601-3655 East Eleven Mile Road in Warren, metro Detroit’s largest suburb and the third largest city in Michigan. The other two tenants in the building are Henry Ford Health Systems and Holistic Healing and Wellness Center.

Kennedy Funding, America’s leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. 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. Kennedy Funding continues to actively seek new funding opportunities throughout the world.