Kennedy Funding Closes $5 Million Loan on Old Westbury Estate in New York

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Jan 25, 2024, 08:45 ET

ENGLEWOOD, N.J., Jan. 25, 2024 /PRNewswire/ -- Kennedy Funding (www.kennedyfunding.com), one of the largest direct private lenders in the U.S., announced that it has 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," said Kevin Wolfer, President/CEO of Englewood, New Jersey-based Kennedy Funding.

"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," Wolfer added.

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. Kennedy's international expertise also enables the lender to adeptly cater to a global clientele, extending its services beyond the United States to regions including Canada, Europe, the Caribbean and Central and South America.

"At the end of the day, our goal is to ensure a smooth and reliable loan closing," said Wolfer.

With over $4 billion in closed loans, Kennedy Funding continues to collaborate with borrowers worldwide — ready to fund opportunities wherever they may arise.
For more information, visit the website here, or call 800.342.8500.

About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Its creative financing expertise provides funding of up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million, in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada and Central and South America.

www.kennedyfunding.com

SOURCE Kennedy Funding