Kennedy Funding announced on Sept. 21 that it closed a land loan in the hills of Tarapoto, Peru. The Englewood Cliffs-based direct private lender has earned a worldwide reputation for closing loans when others cannot. That is why a broker from Coral Springs, Fla., sought out the firm over the roughly 5,771 other commercial lenders in the United States.
On Sept. 10, Kennedy Funding closed on a $2.5 million land loan to Allan Construcciones S.A.C. to fund the construction of its residential project. The loan was secured by two pieces of raw land in Peru and will be used initially for working capital.
Loans on land have become one of Kennedy Funding’s successful in-demand loan products. The firm has successfully closed more than $3 billion in loans, much of it on land, all over the world: Belize, Brazil, Colombia, Dominican Republic, Jamaica, St. Barts, and many countries and continents, including loans throughout the U.S. and Canada.
“I met with Kennedy’s management team a long time ago and knew that there were special circumstances that would require their services,” said Alex Stiglich, South Pacific Funds and Commerce Ltd., who represented the borrower.
Kevin Wolfer, CEO of Kennedy Funding, said there are huge challenges in closing a loan outside the U.S.
“It takes an experienced lender like Kennedy Funding to do business in Peru,” Wolfer said. “You have to navigate through the maze of local laws and mounds of paperwork pertaining to real estate, land use, title and environmental. Securing an accurate property appraisal in an unknown country is vital, particularly when it’s raw land – that is why Kennedy uses world-renowned firms like CBRE. We can count on them so we can offer the highest loan amount possible to our borrowers.”