Kennedy Funding Principals Announce $3 Billion in Closed Loans
Milestone cements firm’s position as one of the largest direct private lenders in the United States
ENGLEWOOD CLIFFS, N.J. – For the past 30 years, the principals at Kennedy Funding have turned hundreds of commercial real estate loan applications into approvals. That steadfast commitment to the borrower’s success has cemented their status in the financing industry as one of the largest hard money lenders in the United States, surpassing $3 billion in closed loans.“The reason for our success is simple,” said Kevin Wolfer, CEO of Kennedy Funding, the direct private lender based in Englewood Cliffs, New Jersey. “When traditional lending institutions tell borrowers no, we find a way to tell them ‘yes’. We’ve bucked the rigid models which have denied so many the opportunity to succeed.”
The firm built its lending business on providing creative solutions for funding difficult properties and challenging scenarios. According to Wolfer, a bank or other traditional lending institution has rigid criteria regarding the borrower and the type of deal which can disqualify less-than-perfect applications almost immediately, even if the opportunity they want to fund has the markings of success.
“Borrowers who need money fast, or who have a great opportunity and simply cannot find the funding available from traditional sources are no longer cut off from consideration for a hard money loan. They may be straddled with a problem property, faced with a bad credit history or bankruptcy, or may have a partnership that has gone sour,” Wolfer explained. “If an opportunity can stand on its own legs, it doesn’t matter if the borrower has a blemish on his or her record.”
Kennedy Funding’s loans range from $1 million to more than $50 million and have a loan-to-value up to 75 percent. Kennedy specializes in bridge loans for commercial property for all purposes — land acquisition, development, workouts, foreclosures and bankruptcies.
According to Wolfer, much of Kennedy Funding’s growth can be attributed to their “creative” approach to lending and searching for solutions for borrowers which other financial institutions simply can’t offer.
“We are willing to go the distance for our clients, and that shows in our results,” Wolfer said.
Fast turnaround is essential for many borrowers, and Kennedy Funding has spent years refining their ability to quickly close on the hard money loans they provide. Closings take place within weeks instead of months, and in some cases, it can occur as soon as five days after application.
“We can do this because we know just how time-sensitive hard money loans can be,” Wolfer said. “Our in-house management, coupled with appraisers and attorneys with round-the-clock availability, ensure that our sole focus is to secure a hard money loan for our clients as quickly as possible.”
Kennedy Funding can also point to its expertise in lending overseas as a contributor to its success. A notoriously difficult market to navigate, traditional and direct private lenders alike tend to shy away from lending on real estate – particularly when there are foreign governments involved who have their own regulatory policies. Not so for Kennedy Funding, which has built an enviable reputation in the industry by successfully closing millions of dollars of loans throughout the Caribbean, Canada, Central America and Europe.
“We are one of the few, if not the only, direct private lenders with the knowledge many borrowers in the international community want or need, since many borrowers look for U.S. backing or experience,” Wolfer said. “Our expansion into those global markets has been, and continues to be, a key part of our growth.” For Wolfer, surpassing the $3 billion mark isn’t just about celebrating a milestone – it demonstrates how a little bit of ingenuity can make a world of difference for borrowers around the world.
“We’re not just the most reliable lender in the commercial real estate market – we make a difference in people’s lives,” Wolfer said. “Borrowers can turn a ‘can’t’ into a ‘can’ just by calling us.”