10D — November 13 - December 10, 2020 — Financial Digest — Lenders Directory — M id A tlantic Real Estate Journal
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L enders D irectory
NGLEWOODCLIFFS, NJ — I t ’ s di f f i cul t enough to obtain a land Direct private lender closes two land loans in one week Kennedy Funding closes $1.96 Million land loan for Texas rodeo and event center E
cash out on two tracts of land totaling 11.59 acres, located at 850 and 1000 Oak Grove Rd. in Fort Worth, that are already owned by the borrower. Funds will be used toward the acqui- sition of 19.8 acres located at 6250 Old Hemphill Rd., which is near the Oak Grove Rd. prop- erties. The borrower is under contract to sell the Oak Grove Rd. properties for $2 million and is under contract to acquire the Hemp Hill Rd. property for $1.75 million. “The borrower came to us with an unusual set of circum- stances, but we were able to find a way to secure the fund -
ing he needed,” said Edwin Urrego , executive loan officer, Kennedy Funding. “As a direct private lender, we have the freedom and flexibility to ex - amine every deal as it stands on its own merits.” According to Jerry Price of Austin, TX-based JPF Capital Partners and the broker on the deal, Urrego and Kennedy Funding were “very quick to respond” to Plaza Tierra Cali- ente’s needs. “He and the Kennedy team were able to overcome a num- ber of obstacles we encountered throughout the closing process and make the deal happen,” Price said. According to Kevin Wolfer , CEO of Kennedy Funding, the $1.96 million loan to Plaza Tierra Caliente is the second land loan closed in one week. The first closed land loan was for $3 million toward the ac- quisition and development of a 101.46-acre commercial and recreational site in Port Char- lotte, Florida. Wolfer called both closings a “feat,” considering how chal- lenging it can be for borrowers to secure loans on land in the first place. “Lenders simply will not consider land loans, especially during a period as tumultuous for real estate as COVID-19,” Wolfer said. “Kennedy Funding works closely with borrowers to find ways to approve their ap - plications. We are here to help borrowers obtain the funding they need.” According to Wolfer, the buyer of the two Oak Grove Rd. properties plans to construct multifamily housing on the site. Currently, the property has a single-family residence and a small storage building noted to be in poor condition. “The city of Forth Worth has wanted to construct multifam- ily housing in this area for quite some time, so there was significant support to see this deal advance,” Wolfer said. Wolfer noted that the Old Hemphill Rd. property was con- sidered an “eyesore” by the city of Fort Worth for some time. “The Old Hemphill Rd. prop- erty was once a flea market and 18-wheeler parking area, but it sat idle for a long time and did not provide any value to the city or the community,” Wolfer said, adding that the city had a special-use permit zone for the property which allowed events to take place there. “ MAREJ
loan. Add the C O V I D - 1 9 p a n d e m i c into the mix, and the pros- pec t seems d o w n r i g h t imposs ibl e . No t s o f o r New Jersey-
Edwin Urrego
based Kennedy Funding , announcing that it has closed a $1.96 million land loan to Plaza Tierra Caliente, Inc., based in Fort Worth, TX. Loan proceeds will be used to
Tierra Caliente Rodeo
Call today and close by December 31st! How’s that for a happy new year?
Direct private lender. Borrow $1million to $50 million. Fast! 1-800-342-8500 or KennedyFunding.com
land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workou
acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures
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