$9.2 Million Loan from Kennedy Funding Gives Georgia Developer Just What He Needs...

$9.2 Million Loan from Kennedy Funding Gives Georgia Developer Just What He
Needs to Stay in the Black and Stay on Track

HACKENSACK, N.J., April 17 /PRNewswire/ -- Kennedy Funding, Inc.
(www.kennedyfunding.com), a leading direct private lender, has closed a $9.2
million loan to Vision Real Estate Management, Inc., of Buford, Georgia.
Developer Scott Harbolt, President of Vision Real Estate, was busy developing
a residential/mixed-use community named Edgewater Trails, consisting of over
32 acres. The tract was originally over 43 acres, but Harbolt dedicated 11
wooded acres on the east, where Sewanee Creek runs north and south, to the
city of Buford as Green Space.
Phase One of Edgewater Trails called for 200 residential units, divided
into single-family lots, townhome lots, townhome live/work lots, and
condominium lots. In addition, there was to be over 52,000 square feet of
commercial space, including a bank, office spaces, and a restaurant. The
landscape is flat, to rolling, to somewhat steep on the northeast, and
punctuated with stands of trees in places. All in all, it was a pleasing
development in an appealing environment, and things were going well. Until
problems developed with Harbolt's lenders.
When he learned that, for various reasons, they couldn't secure funding,
Harbolt found himself facing not only suspension of his development, but
bankruptcy itself, and an end to everything he had begun. The possibility was
real. And he needed a loan to dismiss the threat of bankruptcy and to
continue his Edgewater Trails development.
He turned to Kennedy Funding.
Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the
largest and most successful direct private lenders in the industry. Founded
upon the principle of offering a viable, more accessible alternative to the
established, conservative lending industry, Kennedy utilizes two important
tools with which to do so: speed and flexibility. Instead of waiting weeks or
even months for a loan to close through traditional lenders, Kennedy can often
close within days, with loan approvals concluded in a scant 24 hours. And
their years of experience and depth of expertise helps make even the most
problematic of deals comparatively routine. In fact, their clientele (and
sometimes their competitors) have been known to observe on more than one
occasion that Kennedy 'makes the impossible seem easy.'
According to Jeffrey Wolfer, Kennedy President and Co-CEO, those
attributes are what keeps them busy, even during today's economic doldrums.
"It's no secret that the economy is undergoing some unpleasant changes," he
said. "Almost no one is closing loans any longer -- except us. We not only
have the resources to lend, but we have the ability to share in our clients'
vision and invest in that future. Unlike the traditional arm of the industry,
we don't feel that now is the time to become over-cautious. It is, rather, a
time to take calculated steps designed to meet borrower demand, thereby
stimulating the economy with much-needed financial input and continued
commercial development."
Wolfer went on to describe how Scott Harbolt's development was inherently
sound. "Scott had the misfortune to deal with lenders who were unable, or
unwilling, to follow through. We took a look at his development and his
business plan, and we knew that he simply hadn't found the right lender.
Buford is a good place to be building right now, because the neighborhood
continues to grow rapidly, and this part of town is being built out more on an
upscale level. Long-term projections see the area developing and expanding
further, with a steady influx of residents and business owners in the mix. We
were happy to help Scott out with a loan that not only dismissed his
bankruptcy, but allowed him to continue developing Edgewater Trails. We wish
him all the best."
Kennedy Funding can issue loan commitments in as little as 24 hours, which
often leads to closings in as few as five days and, in some cases when time is
of the essence, even faster. Available financing ranges from $1 million to
over $100 million, with rates as low as 10% and 3 points. The staff at
Kennedy Funding is skilled in a wide range of business sectors beyond
financing, and they focus a great deal of collective expertise and dedication
upon each loan application.
Specializing in commercial real estate bridge loans, their flexibility and
diversity have resulted in loans for a wide range of applications, including
land acquisition, development, refinancing, construction, bank workouts,
bankruptcies, and foreclosures. Across the country and around the world,
Kennedy has produced funds for conventional and unconventional projects, often
succeeding when other financial institutions cannot. They can fund up to 65%
loan-to-value for commercial land development, acquisitions, workouts,
refinancing, bankruptcies, and foreclosures.
www.kennedyfunding.com
SOURCE Kennedy Funding, Inc.

David I. Green for Kennedy Funding, Inc., davidgreen@resultsinc.com,
+1-201-288-7888