ENGLEWOOD CLIFFS, NJ, February 8, 2022 /PRNewswire/ — In the world of commercial real estate lending, it’s common for borrowers to turn to private lenders for “gas time” closings, or when land is involved.
“You just can’t rely on commercial banks and other conventional lenders to provide the funds they need to close on a specific date,” says Kevin WolferCEO and President of Kennedy Funding, one of the nation’s largest private direct lenders.
âThey are bogged down in bureaucracy, slow loan committees and a general lack of experience when it goes beyond their standard loan parameters. Also, when it comes to undeveloped land, forget it. No conventional lender will touch the ground,â he says. .
the Englewood Cliffs, New JerseyNew York-based company announced today that it has closed a $3.6 million loan to GF Services, LLC. The loan proceeds were used to acquire 17.02 acres of gross land in Crown, Riverside County, Californiathe future home of a mixed-use development called silver lakes.
Wolfer said this loan was notable because it was 85% of the purchase price.
According to Wolfer, the property is made up of two lots located at Foothill Parkway and Chase Drive in Crown. Approvals have been granted for the development of 8.95 acres of commercial zoning totaling 25,715 square feet and 78 residential condominiums on 8.07 acres. The developer has invested in rezoning, subdivision and rights since the properties were placed under contract in 2018.
âWith this preparatory work done, the value of the property has increased significantly for $7.2 million“, said Wolfer. “The value of the new silver lakes the evolution is clear.”
Despite several obstacles, including difficult credit issues, Kennedy was able to close the loan at 85% LTC.
Located southeast of Los Angelesthe city of Crown is home to a growing population of over 157,000. Crown is home to several major companies, Monster Energy (energy drinks), Sterno (portable cooking fuel) and the distribution center of clothing company Zumiez.
The property is immediately adjacent to the Skyline Drive trailhead and minutes from other natural wonders including Fremont Canyon Nature Preserve and Lake Mathews Estelle Mountain Preserve. The proposed new development is within driving distance of shopping and entertainment including several golf courses. Crown is also easily accessible from major freeways, such as Interstate 15 and State Route 91.
“New businesses and housing in this southern area California can help support a growing city in one of the most populous and well-known metropolitan areas in the United States. We are proud to have played a part in the success of GF Services,â said Wolfer.
For more information or to start an application, visit www.KennedyFunding.com.
About the Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, restructurings, bankruptcies and foreclosures. Kennedy Funding closed more than $4 billion in loans to date. Its creative financing expertise can finance up to 75% of the loan-to-value ratio, from $1 million ($3 million international) to more than $50 million, in as little as five days. The company has entered into loans throughout United Statesthe Caribbean, Europe, Canadaand central and South America.
SOURCE Kennedy Funding