ENGLEWOOD CLIFFS, NJ — NY-based borrower needed a loan against property owned in another country, there was only one lender who could get them to closing: Kennedy Funding.
The Englewood Cliffs-based direct private lender announced the closing of a $3 million land loan to JD St. Barth’s I. While Kennedy Funding stands alone in its ability to regularly and successfully close loans abroad, JD St. Barth’s I presented a unique challenge.
“JD St. Barth’s I borrowed against land they owned in Saint Barthélemy to fund construction of a private home on land they owned in South Hampton, NY,” said Kevin Wolfer, CEO of Kennedy Funding. “While this was certainly a unique setup, we drew on our extensive experience working on land loans and on international loans to ensure our borrower secured the funding necessary to fund construction on their new home.”
Notably, Wolfer said that the borrower had excellent credit and the property was owned outright, with no outstanding debt against the St. Barths tract. Additionally, the property was appraised at more than $2 million higher than the purchase price.
“In any other situation, it would not have even been a question that a borrower with a profile this strong would have been approved by a traditional financing institution,” Wolfer said. “However, the complexity of this loan, coupled with the fact that it crossed international borders, made this untouchable for any other lender but Kennedy Funding.”
Wolfer said that Kennedy Funding is the only lender who could make the deal happen. As an experienced firm in international lending, Kennedy Funding stands apart in its knowledge and experience in real estate and lending laws in the Caribbean, South America, and many other locales abroad.
“Typically, when people think of land loans, they automatically assume that both traditional and private lenders will pass over the opportunity,” Wolfer said. “That’s especially true when it comes to international deals. Nobody except Kennedy Funding has the knowledge, skills, local relationships, and track record to close in other countries.”