ENGLWOOD SCLIFS, NJ, August 4, 2021 / PRNewswire / – When New YorkThe borrower needed a loan against property located in another country, and there was only one lender who could force them to close: the Kennedy Foundation.
IN Englewood Cliffs, NJ-founded direct private lender announced closure $ 3 million land loan JD St. Barth’s 1. While Kennedy Funding A one-of-a-kind ability to regularly and successfully close loans overseas, JD St. Barth’s 1 presents a unique challenge.
JD St. Barth’s 1 borrowed underground land they owned in Saint Barth’s to finance the construction of a private home on land they owned in the South. Hampton, New York,” said Kevin Wolfer, CEO of Kennedy Funding. “While this was certainly a unique setup, we drew on our extensive experience with land loans and international loans to ensure that our borrower provided the financing needed to finance the construction of their new home.”
Notably, Wolfer said the borrower had excellent creditworthiness and the property was fully owned, with no outstanding debt to the Saint Barth site. In addition, the property was valued at more than 2 million dollars above the purchase price.
“In any other situation, it was out of the question for a borrower with such a strong profile to be approved by a traditional financial institution,” Wolfer said. “However, the complexity of this loan, combined with the fact that it crossed international borders, made it untouchable for any other lender other than Kennedy Funding.”
Wolfer said Kennedy Funding is the only lender that can complete the deal. As an experienced international lending firm, Kennedy Funding is distinguished by its knowledge and experience in real estate and lending law in Caribbean, South America, and many other regions abroad.
“Usually when people think about land loans, they automatically assume that both traditional and private lenders will miss the opportunity,” Wolfer said. “This is especially true when it comes to international transactions. No one other than Kennedy Funding has the knowledge, skills, local relationships and track record to shut down in other countries. ”
The 1-acre land plot in Saint Barts offers panoramic views of the scenic Saint Jean Bay in the De Cay Quarter, along the eastern coastline at the northwest corner of the island. The borrower acquired an acre of the exclusive island in 2014 for 5 million dollars and demolished the existing house. Permission granted for a 500 square meter seven-bedroom private residence that is zoned for living and outdoor space.
The hotel is a short drive from the Saint Jean Beach commercial area and close to many important commercial and entertainment venues throughout the island. It is also close to Saint Barthélemy Airport, which accepts small planes and charter flights.
“Saint Barth is a well-known luxury destination that attracts tourists from all over the world,” Wolfer said. “Tourism continues to grow despite the challenges we faced in the past year and Kennedy Funding has a long history of closing loans overseas.” The firm has the experience, support staff and knowledge needed to navigate and successfully close loans in countries with vastly different regulatory and financial conditions and real estate landscapes, Wolfer said. Most recently, Kennedy closed $ 3.456 million USA land loan in Texas, but $ 2.3 million loan for the construction of multifunctional real estate in Dominican Republic, but $ 2.64 million loan to Brazil for an agricultural project.
“Borrowers from all over the world come to Kennedy Funding because they know we have the most experience in land lending,” Wolfer said. “Simply put, no one else can close a land loan, and especially an international land loan, like us.”
About Kennedy funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, dispute resolution, bankruptcy and foreclosures. Kennedy Funding closed over $ 3 billion in loans today. Their creative financing experience provides financing up to 75% of the loan amount up to the cost of 1 million dollars ($ 3 million international) more than $ 50 million in just five days. The company closed loans throughout the entire period United States, then Caribbean, Europe, Canada, and Central and South America…
SOURCE Kennedy Funding