HACKENSACK, N.J., April 17, 2008 – Kennedy Funding, Inc., a leading direct private lender, has closed a $9.2 million loan to Vision Real Estate Management, Inc., of Buford, Georgia. Developer Scott Harbolt, President of Vision Real Estate, was busy developing a residential/mixed-use community named Edgewater Trails, consisting of over 32 acres. The tract was originally over 43 acres, but Harbolt dedicated 11 wooded acres on the east, where Sewanee Creek runs north and south, to the city of Buford as Green Space.
Phase One of Edgewater Trails called for 200 residential units, divided into single-family lots, townhome lots, townhome live/work lots, and condominium lots. In addition, there was to be over 52,000 square feet of commercial space, including a bank, office spaces, and a restaurant. The landscape is flat, to rolling, to somewhat steep on the northeast, and punctuated with stands of trees in places. All in all, it was a pleasing development in an appealing environment, and things were going well. Until problems developed with Harbolt\\\\\\\'s lenders.
When he learned that, for various reasons, they couldn\\\\\\\'t secure funding, Harbolt found himself facing not only suspension of his development, but bankruptcy itself, and an end to everything he had begun. The possibility was real. And he needed a loan to dismiss the threat of bankruptcy and to continue his Edgewater Trails development.
He turned to Kennedy Funding.
Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the largest and most successful direct private lenders in the industry. Founded upon the principle of offering a viable, more accessible alternative to the established, conservative lending industry, Kennedy utilizes two important tools with which to do so: speed and flexibility. Instead of waiting weeks or even months for a loan to close through traditional lenders, Kennedy can often close within days, with loan approvals concluded in a scant 24 hours. And their years of experience and depth of expertise helps make even the most problematic of deals comparatively routine. In fact, their clientele (and sometimes their competitors) have been known to observe on more than one occasion that Kennedy \\\\\\\'makes the impossible seem easy.\\\\\\\'
According to Jeffrey Wolfer, Kennedy President and Co-CEO, those attributes are what keeps them busy, even during today\\\\\\\'s economic doldrums. \\\\\\\"It\\\\\\\'s no secret that the economy is undergoing some unpleasant changes,\\\\\\\" he said. \\\\\\\"Almost no one is closing loans any longer -- except us. We not only have the resources to lend, but we have the ability to share in our clients\\\\\\\' vision and invest in that future. Unlike the traditional arm of the industry, we don\\\\\\\'t feel that now is the time to become over-cautious. It is, rather, a time to take calculated steps designed to meet borrower demand, thereby stimulating the economy with much-needed financial input and continued commercial development.\\\\\\\"
Wolfer went on to describe how Scott Harbolt\\\\\\\'s development was inherently sound. \\\\\\\"Scott had the misfortune to deal with lenders who were unable, or unwilling, to follow through. We took a look at his development and his business plan, and we knew that he simply hadn\\\\\\\'t found the right lender. Buford is a good place to be building right now, because the neighborhood continues to grow rapidly, and this part of town is being built out more on an upscale level. Long-term projections see the area developing and expanding further, with a steady influx of residents and business owners in the mix. We were happy to help Scott out with a loan that not only dismissed his bankruptcy, but allowed him to continue developing Edgewater Trails. We wish him all the best.\\\\\\\"
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 of the essence, even faster. Available financing ranges from
$1 million to over $100 million, with rates as low as 10% and 3 points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and they focus a great deal of collective expertise and dedication upon each loan application.
Specializing in commercial real estate bridge loans, their flexibility and diversity have resulted in loans for a wide range of applications, including land acquisition, development, refinancing, construction, bank workouts, bankruptcies, and foreclosures. Across the country and around the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding when other financial institutions cannot. They can fund up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
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