Kennedy Funding closes $ 1.4 million land loan in Clarendon Parish, Jamaica
ENGLEWOOD CLIFFS, NJ, December 9, 2020 / PRNewswire / – For a US-based borrower, getting an outside loan United States is no small feat. Bring some raw earth into the mix, and many borrowers just assume the chances are impossible.
This is not the case for Kennedy Funding, a Englewood Cliffs, New Jerseydirect private lender with extensive experience in contracting worldwide loans. Company executives today announced the closing of a $ 1.4 million loan to P&L Holdings LTD. The loan proceeds will be used to acquire 2,486.31 acres of raw land with waterfront views, located in Milk River, Clarendon Parish, Jamaica.
“Over the years, we have worked closely with experts and authorities Jamaica, the Bahamas, Canada, and many other countries, we have honed the skills and knowledge to navigate real estate and money lending laws in many countries outside of the United States, ”said Kevin wolfer, CEO, Kennedy Funding. “Without this knowledge and experience, lenders have no chance of successfully closing loans. We are proud to say that we have once again put our expertise to work for P&L Holdings to secure the financing they need to conduct business. to this acquisition. “
According to Wolfer, international lending faces unique challenges and control that are not experienced by borrowers working in the country. Differences in rules and regulations, the physical distance between the borrower and the property, varying economic conditions, and different political climates all play a role in whether a lender can successfully complete a loan for a borrower.
“Just like the United States and Canada have different laws, Jamaica and Bermuda have different laws, “Wolfer said.” It’s not just about being ready to lend outside of the United States – it’s about having the first-hand knowledge, experience and ability to get the deal done. “
Wolfer added that loans on raw land are an additional obstacle to obtaining financing abroad, for the same reasons that land loans can be difficult to obtain in United States.
“Most borrowers around the world see raw land as a risky proposition because there are so many unknowns, and in the event of non-payment and if the property itself is collateral, it is much more difficult for one. lender to sell the property, ”Wolfer says.
Kennedy Funding closed a number of loans outside U.S. borders in 2020, including a $ 2.633 million ready for residential development in Brazil, $ 3 million for a residence at Belize, and one $ 3 million ready for a residential community in the Bahamas. Even with the global COVID-19 pandemic dragging down tourism and other industries fueling economies overseas, Kennedy Funding has always worked closely with every borrower to find a way to secure financing.
“It has been a year of economic uncertainty around the world, but with thoughtful and careful planning, we are still able to provide the financing our clients need to participate in lucrative businesses in commercial real estate across the world. world, ”Wolfer said. “Whatever the challenges, our experience – and subsequent results – demonstrate that we have the skills to make the deal happen.”
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridging loans for commercial property and land acquisition, development, practice sessions, bankruptcies and foreclosures. Kennedy Funding has closed more than $ 3 billion in loans to date. The company’s creative financing expertise makes it possible to finance up to 75% loan-to-value, from $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and Central and South America.
SOURCE Kennedy funding