ENGLEWOOD CLIFFS, NJ — It’s difficult enough to obtain a land loan. Add the COVID-19 pandemic into the mix, and the prospect seems downright impossible. Not so for New Jersey-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 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 acquisition of 19.8 acres located at 6250 Old Hemphill Rd., which is near the Oak Grove Rd. properties. 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 circumstances, but we were able to find a way to secure the funding he needed,” said Edwin Urrego, executive loan officer, Kennedy Funding. “As a direct private lender, we have the freedom and flexibility to examine every deal as it stands on its own merits.”
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