ENGLEWOOD CLIFFS, NJ — Kennedy Funding, the Englewood Cliffs, New Jersey-based direct private lender, closed on a $1.575 million cash-out refinancing loan to Davis Ford Venture, LLC. The borrower plans to use the loan to pay off an existing first mortgage of $867,590 on land located at 5021 Davis Ford Rd., while the remainder will be used for working capital.
According to Kevin Wolfer, CEO of Kennedy Funding, this arrangement is practically unheard of in both traditional and alternative financing circles.
“There are virtually no lenders who will look at an applicant who plans to use a cash-out refinance loan on land, let alone fund the deal,” Wolfer said. “However, Kennedy Funding’s flexibility means that we are willing to read between the lines of a traditional application. We were able to truly assess the merits of this property and see the applicant’s vision.”
Davis Ford Venture, LLC acquired the property, which is divided into two tax lots, in 2002 for $1.4 million.