HACKENSACK, N.J., May 7 — When Erik Wendt, CFO of Resort Development Group, LLC, needed additional funding for his newest Florida resort, he wasn't quite sure where to turn. He was spearheading the refinancing of the project known as the Tierra Del Sol town home and condominium development just ten minutes south of Walt Disney World in Polk County, Florida.
The residential resort was being built on 120 acres, and was approved for 540 townhome units and 432 condominium units. In addition, the development was to feature several value-adding amenities, including a huge clubhouse with all the modern conveniences, large outdoor swimming pool, a water park complex, and retail shopping areas. All Wendt needed was a loan, and the dream could begin unfolding.
Therein lay the problem, as Wendt was unable to find a lender interested in or able to fund his project -- until he discovered Kennedy Funding in Hackensack, New Jersey, the industry's leading direct private lender.
Kennedy Funding has built a reputation on bringing two major assets to the table that other lenders consistently do not: speed and flexibility. They specialize in situational lending, whereby each loan is considered on its own merits and not judged according to a list of standardized requirements and regulations. The results of discarding this 'cookie-cutter' approach is that Kennedy can close deals that others cannot, and close them in days instead of months, giving rise to the reputation that they can finalize loans that others consider 'impossible.'
According to Jeffrey Wolfer, Kennedy President and Co-CEO, "We can often see the value where conventional lenders just can't. Looking at Erik's project in Florida, we did our due diligence and could identify with what he was trying to build. It's in an optimum location within minutes of Disney World, the residences are attractive and built well, and the features are first-rate. Granted, it was a complex project, and many lenders are skittish about land deals in Florida today, but we used a little Kennedy magic of our own and were able to get the deal done on an expedited basis."
The future looks bright for Erik Wendt and Resort Development Group, LLC. Adjacent developments will help to create a synergy with his own, and approximately 80% of the units in Tierra Del Sol have been presold at a rewarding price per unit. In addition, prices in the Orlando area, including Polk County, have remained stable in recent years.
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 beyond financing, 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, airlines, 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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