Kennedy Funding closes $1.815 Million land loan
Englewood Cliffs, NJ — Kennedy Funding has closed a $1.815 million loan to Bloomfield Technology Park, LLC. Proceeds from the loan will be used to pay off the existing first mortgage on 31.32 acres of raw land in Bloomfield Hills, MI. Remaining proceeds will be used as working capital to update site approvals.
Located just a few blocks from Select Specialty Hospital and major retail, the property is zoned as a “research park” district, ideal for business and commercial use. It is currently listed for sale at $4.9 million.
According to Kevin Wolfer, CEO of Kennedy Funding, the Englewood Cliffs, New Jersey-based direct private lender, the borrower experienced roadblocks applying for funding from traditional lenders, despite their extraordinary credit rating, and collateral that would typically be a significant deciding factor for many banks.
“Between the property type and the current economic climate, the borrower could not secure a loan, even with stellar credentials,” Wolfer said. “There is no willingness for traditional lenders to lend on land, and the currently tight credit market did not make this tough prospect any easier.”
Wolfer noted that Kennedy Funding’s flexibility allows them to work closely with a borrower to help them secure funding, with closings often occurring within just a few days.