Kennedy Funding closes $ 2.475 million mortgage for residential growth in Bennett, Colorado
ENGLEWOOD CLIFFS, NJ, June 8, 2021 / PRNewswire / – Kennedy Funding, a New Jersey-based direct private lender, announced today that it has loaned $ 2.475 million to real estate developer Ban RE Group in Colorado has completed. The loan proceeds will be used for debt payments and working capital on 180.64 acre property in Bennett, Colorado.
The raw land is an extension of the Antelope Hills housing estate, which is 45 minutes east of Denver. The developer plans to build 149 new single-family houses on this extension of the property.
“This land loan will help our borrower refinance and raise the capital needed to continue investing in the Antelope Hills development,” said Kevin Wolfer, CEO of Kennedy Funding.
Wolfer said that due to the difficulties associated with lending on land, the borrower faces some challenges working with a traditional lender.
“We have decades of experience in handling difficult and non-traditional loans, including real estate loans such as the ones we took out for the Ban RE Group,” said Wolfer.
“There were many challenges and so many moving parts on this loan, especially if it was a real estate loan,” added Kimmy Humphrey, principal of Capital Atlantic Solutions, Virginia Beach, Virginia, broker on the deal. “Kennedy Funding is one of the few lenders who can close and close this deal. They have an opportunity to bring difficult deals to the closing table.”
Wolfer said an essential part of closing these type of loans is seeing the deal as more than just an application, but realizing the potential of the project. The fast growing Denver metropolitan area, coupled with a hot housing market, means developments like Antelope Hills have excellent potential.
“A city like Bennett is the perfect mix between enjoying the tranquility of a suburb and being close to one of the country’s most popular cities,” said Wolfer. “We believe this development will be a great success.”
The Antelope Hills project is located just off I-70, which provides direct access to the heart of the city. Bennett is also within an hour’s drive of the Denver International Airport.
Wolfer said housing demand in the Denver area has increased due to the low unemployment rate and a strong local economy. Many families are also drawn to the area by the numerous natural attractions and outdoor activities the area is known for, such as hiking and biking.
“Low mortgage rates, new industries, job opportunities and outdoor recreation have put the Denver housing market into high gear,” Wolfer said, adding that house prices have risen significantly in recent years. “There is great demand for new homes as families move to the area. There is no better time for Ban RE Group to keep building new homes.”
Wolfer said many of the top Denver metropolitan employers are in the healthcare, finance, airline, and university sectors. Despite the economic impact of the COVID-19 pandemic, Wolfer said Denver had done relatively well and that many jobs were restored.
“The Denver area is still growing rapidly despite the blows COVID-19 has inflicted on the community,” Wolfer said. “Housing demand will continue, and with Ban RE Group and Antelope Hills, that housing supply can continue to meet the region’s needs.”
About Kennedy FundingKennedy Funding is a global direct private lender specializing in bridging loans for commercial property purchases, developments, liquidations, bankruptcies and foreclosures. Kennedy Funding has taken out more than $ 3 billion in loans to date. Her creative financing expertise offers financing of up to 75% mortgage lending value, from USD 1 million (USD 3 million internationally) to over USD 50 million in just five days. The company has issued loans in the United States, the Caribbean, Europe, Canada, and Central and South America.
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SOURCE Kennedy Funding