Private lender Kennedy Funding recently closed four land loans in two countries in two weeks.
“Land loans are generally regarded as untouchable by nearly all conventional lenders — especially land loans outside the U.S.,” said Gregg Wolfer, chief operating officer, Kennedy Funding.
The loan closings were:
- $4.15 million to Ecuagarden Farms for the expansion of its floral export business in Ecuador;
- $1.66 million to OFS Ventures for a residential development in McKinney, Texas;
- $1.663 million to Abode Communities Kennebunk LLC for a residential community in Kennebunk, Maine;
- $750,000 to Schumann Road Indian River LLC for a retail development in Sebastian, Florida;
Kennedy Funding said its success lies in its ability to navigate local laws, regulations, and real estate practices — factors that prevent many lenders from venturing beyond U.S. borders. The firm has a cadre of attorneys, real estate professionals, appraisers, and consultants across the Caribbean, Central and South America, Canada and Europe.
“Land use regulations, zoning laws, and the political landscape are just a few of the complex factors that direct lenders must navigate,” Gregg Wolfer said.
