Englewood-based private lender Kennedy Funding on Thursday said it closed a $5 million loan on a residential estate in affluent Old Westbury, New York.
The loan proceeds will be used for working capital. There is no debt on the property. Despite numerous setbacks and challenges, Kennedy was able to fill the funding void, providing the necessary capital.
The loan was brokered by Hong Hu of Googain Inc. and Nicole Cayton of KR Capital. For Kennedy, the transaction best demonstrates its commitment to providing funding, especially in these uncertain times, when conventional lending has all but dried up.
“The borrower needed to close by the end of the year, and we were able to perform our due diligence and deliver in a timely fashion,” Kevin Wolfer, CEO and president of Kennedy Funding, said. “Despite the fact that there was no debt on the property, the journey to the closing table can often be lengthy, especially when there is a bank or conventional lender involved.”
Renowned for its ability in overcoming both domestic and international bureaucratic challenges, the direct private lender has solidified its reputation for providing fast funding solutions for acquisitions, working capital, refinancing and cash-outs. When it comes to managing complex transactions involving multiple parties, Kennedy has excelled in navigating through strict local and state regulations, all while adhering to tight timelines.