HACKENSACK, N.J., September 26 -- James Fales of Braffits
Creek Estates, LLC couldn't stop thinking about a certain Utah resort: his.
Or, rather, the one he wanted very much to build. He had purchased 2,654
acres of land on Cedar Mountain in Iron County, approximately ten miles
west of the popular Brian Head Ski Resort near Cedar City, and he wanted
his project to be better in every way.
The land itself is beautifully mountainous, in the heart of Southern
Utah's Color Country, with elevations reaching above 9,000 feet, and
spectacular, panoramic views. It would be perfect for Fales' all-season
resort, which would feature a residential community with a retail,
restaurant, and entertainment core. The master-planned community was
envisioned with a flagged hotel, holistic spa, and an 18-hole,
master-designed golf course. Its premiere location, less than three hours
from Las Vegas, would provide for a multitude of diverse recreational
activities, from world-renowned skiing and snowmobiling in the winter, to
hiking and mountain biking in the summer. Excellent trout fishing lakes and
streams traverse the area, and it is near the largest collection of
National Parks in the country.
Fales had already spent $11 million on his resort, and had begun
constructing the infrastructure of some of the lots. But he had gone about
as far as he could, alone. He needed a loan to finish the project, and he
was offering the entire 2,654 acres of raw land as collateral. So all he
had to do was locate a lender willing to work with him, which proved to be
more difficult than it had seemed at first glance. Until he was fortunate
enough to find Kennedy Funding, headquartered in Hackensack, New Jersey, the industry's leading direct private lender.
It soon became apparent that Kennedy did things differently from other
lenders. Unlike banks and other traditional lending sources, Kennedy
fosters speed and flexibility in its loan process. Instead of waiting the
weeks or months that conventional sources favor, Kennedy closes loans in
days. And instead of the strict, rule-laden approach used by conventional
lenders, each loan at Kennedy is decided upon its own merits. Kennedy
considers each loan to be unique, and does not apply one-size-fits-all
restrictions to any loan they deal with.
"First-time clients are always a little surprised at us," says Jeffrey
Wolfer, Kennedy President and Co-CEO. "They're used to the slow,
bureaucratic way banks do business, and our speed, expertise, and
willingness to look at their unique situation catches them off guard. Plus,
we can see the value in a client's vision, often when other lenders can't
seem to get the picture. We're always open to raw land loans, which most
conventional lenders won't even consider. In James' case, it was a very
appealing scenario. His plans were sound, the location appealing, and as
the second-fastest growing county in Utah, the area has experienced 87%
growth in the last nine years. The closing went smoothly, and we were glad
to be of help."
Kennedy Funding can issue loan commitments in as little as 24 hours,
which often leads to closings in as few as five days and, in some cases
when time is critical, even less. Available financing ranges from $1
million to over $100 million, with rates as low as 9% and three points. The
staff at Kennedy Funding is skilled in a wide range of business sectors,
and focuses an impressive amount of expertise, experience, and dedication
on each loan request.
While specializing in commercial real estate bridge loans, Kennedy's
flexibility and diversity has also produced loans for a wide range of
enterprises, including amusement parks, high-profile golf courses, TV and
radio stations, railroad terminals, even sports complexes. Throughout the
world, Kennedy has delivered funds for conventional and unconventional
projects, often succeeding where other financial institutions cannot or
will not. Kennedy can fund up to 75% loan-to-value for commercial land
development, acquisitions, workouts, refinancing, bankruptcies, and
foreclosures.
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