12A — June 9 - 22, 2017 — Creative Financing — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
C reative F inancing
Loan will fuel construction of 4,500 residential units and some light commercial properties $2.28Million loan fromKennedy Funding Financial launches Housing Development in Jamaica K ennedy Funding Financial , an Engle- wood Cliffs, NJ-based Jamaica and the Caribbean helped Pegasus get its project off the ground. housing and commercial de- velopment. experience with Kennedy 16 years ago and I knew that they could make the deal happen.”
east of May Pen, the capital of and largest town in Ja- maica’s Clarendon Parish. May Pen is one of the most important trade centers and marketplaces in the entire Parish, with a large residen- tial community that mostly works in the agriculture and mining industries. The town is located approximately 35 miles west of Kingston, the capital of Jamaica, and the two population centers are connected by a section of the nation’s major thoroughfare, Highway 2000. The property is an attrac- tive investment, because home prices have risen 41% in Jamaica from 2010-2015, with young professionals and first-time homebuyers in middle-income brackets typically purchasing two-to- three bedroom homes for up to US$200,000 and single- occupancy apartments for up to US$178,957. These trends are expected to continue, as mortgage rates in the country are currently low. Borrowers in the Carib- bean can have great difficulty securing loans. Their local banks and lenders often can’t produce the funds, and con- ventional U.S.-based banks and lenders may simply re- fuse to shoulder the risk. When borrowers reach out to Kennedy Funding Financial, they find that our extensive history working in Caribbean markets allows us to quickly and efficiently provide them with the means to turn their dreams into reality. About Kennedy Funding Financial Kennedy Funding Finan- cial, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of loans of up to a 75% loan- to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial continues to actively seek new funding opportunities throughout the world. Kevin Wolfer is CEO/ president of Kennedy Funding Financial. n
Closing a land loan in the Caribbean is no small task for any lender. So when Pegasus’ Canadian-based mortgage broker needed to find money for its client in Jamaica, they knew there was only one com- pany who could deliver it. “Kennedy Funding Finan- cial,” said Angelo Butsianis , president of Equis Capital Finance . “They were the only lenders that I knew of that could close a loan in the Caribbean. I had a positive
The two-year private loan from Kennedy Funding Fi- nancial will give Pegasus the working capital and soft costs it needs to begin construc- tion on approximately 4,500 three bedroom/three bath residential units, as well as some light commercial de- velopment. The project will consist of three phases to be completed over a period of several years. The site is located north-
direct pri- vate lender announced that it has c l o s e d a $2,228,000 loan to Peg- a s u s D e - ve l opment C o m p a n y
There are many challenges to getting a land deal done overseas: banks and lenders in a foreign nation might not be able to find the money for a large-scale loan, and the lack of knowledge of for- eign government regulations and politics can frighten off U.S.-based traditional lend- ers. Fortunately, Kennedy Funding Financial’s vast experience in closing loans in
Kevin Wolfer
Ltd. Pegasus needed a bridge loan to turn 595.83 acres of undeveloped land in Jamaica into a massive residential
Working Capital Residential Community
Working Capital 121-Unit Assisted Living Facility
Acquisition/Working Capital Multifamily Development
$2,228,000
$1,705,000 EW Acquisition, LLC East Windsor, New Jersey
$1,700,000
Bedford Crest, LLC Suitland, Maryland
P egasus Development Company Ltd. Clarendon Parish, Jamaica
We offer 24-hour commitments and closings in as little as 5 days.
1-800-342-8500 KennedyFunding.com
borrow $1million-$50 million: land, development, acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures HOW CAN WE FUND YOU ?
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