“ORANGE COUNTY, CALIFORNIA — LawFuel.com – Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a loan for $3,614,000 to Rancho Portola Investments, LLC. The loan is to help the developer continue work on a much-talked-about residential project in the City of Lake Forest in Orange County, California. The area is centrally located between Los Angeles and San Diego. When complete, the development would encompass a total of nearly 230 acres and would offer between 600 and 626 residential units and 30,000-40,000 sf of commercial space.
Everyone involved with the property and the project had gotten accustomed to waiting. Waiting for the lengthy, drawn-out permit and approval process. Waiting for zoning endorsements and title insurance. Finally, when it was determined that the nearby airport was to be decommissioned and the adjacent properties would be approved for residential use, the waiting was over.
Capital now was the problem. And in a slow market, securing a commercial mortgage with only the raw land itself as collateral is no easy task. Unless you call Kennedy Funding.
“We looked very carefully at not just the collateral property, but at what was going on in the surrounding area as well, reports Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “The local sales trends combined with the changes in zoning restrictions to give us sufficient confidence to close the loan quickly, even in the current economic landscape.”
Kennedy Funding is a pioneer in the category of “situational lending,” providing loans of $1 million to $100 million or more with commitments in as little as 24 hours and closings in as quickly as five days. As the leader in direct private lending, Kennedy has extensive experience in funding in a wide range of business sectors. Unlike the methods used by many traditional lenders, Kennedy sees each borrower as unique, evaluating each situation individually.
Specializing in commercial real estate bridge loans for domestic and global clients, Kennedy provides up to 65% loan-to-value for land acquisition, development, refinancing, construction, bank workouts, bankruptcies and foreclosures. Across the nation and around the world, Kennedy has produced funding for conventional and unconventional projects, often succeeding when other financial institutions cannot.”