M id A tlantic Real Estate Journal — Financial Digest — August 20 - September 16, 2021 — 7A
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F inancial D igest
Client borrowed to fund construction on NY property Kennedy Funding closes $3 Million land loan inSt. Barths
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borrower had excellent credit and the property was owned outright, with no outstanding debt against the St. Barths tract. Additionally, the prop- erty was appraised at more than $2 million higher than the purchase price. “In any other situation, it would not have even been a question that a borrower with a profile this strong would have been approved by a traditional financing institution,” Wolfer said. “However, the complexity of this loan, coupled with the fact that it crossed interna- tional borders, made this un- touchable for any other lender but Kennedy Funding.” Wolfer said that Kennedy Funding is the only lender who could make the deal happen. As an experienced firm in in - ternational lending, Kennedy Funding stands apart in its knowledge and experience in real estate and lending laws in the Caribbean, South America, and many other locales abroad. “Typically, when people think of land loans, they au- tomatically assume that both traditional and private lenders will pass over the opportunity,” Wolfer said. “That’s especially true when it comes to inter- national deals. Nobody except
Kennedy Funding has the knowledge, skills, local rela- tionships, and track record to close in other countries.” “St. Barths is a well-known luxury destination that at- tracts tourists from all over the globe,” Wolfer said. “Tour - ism continues to be strong, de- spite the challenges presented by the past year, and Ken- nedy Funding has a lengthy track record of closing loans abroad.” According to Wolfer, the firm has the experience, support staff, and knowledge necessary to navigate and successfully close loans in countries with vastly differ- ent regulatory, financial, and real estate landscapes. Most recently, Kennedy closed a $3.456 million land loan in Texas, a $2.3 million loan to construct a mixed-use prop- erty in the Dominican Repub - lic, and a $2.64 million loan in Brazil for an agricultural project. “Borrowers from all over the world come to Kennedy Funding because they knowwe have the strongest track record for land loans out there,” said Wolfer. “Simply put, nobody else can close a land loan, and especially an international land loan, like we can.” MAREJ
NGLEWOODCLIFFS, NJ —NY-based borrow- er needed a loan against
p r o p e r t y owned in an- other coun- t r y , t h e r e was only one lender who c o u l d g e t them to clos- ing: Kenne- dy Funding .
Kevin Wolfer
The Englewood Cliffs-based direct private lender an- nounced the closing of a $3 mil- lion land loan to JD St. Barth’s I. While Kennedy Funding stands alone in its ability to regularly and successfully close loans abroad, JD St. Barth’s I presented a unique challenge. “JD St. Barth’s I borrowed against land they owned in Saint Barthélemy to fund construction of a private home on land they owned in South Hampton, NY,” said Kev- in Wolfer , CEO of Kennedy Funding. “While this was cer- tainly a unique setup, we drew on our extensive experience working on land loans and on international loans to ensure our borrower secured the fund- ing necessary to fund construc- tion on their new home.” Notably, Wolfer said that the
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