Up Against the Odds and the Clock, Kennedy Funding Closes $7 Million Loan for HHH Nevada's Las Vegas Project in Just Over a Week

HACKENSACK, N.J., Feb. 21 /PRNewswire-FirstCall/ -- Kennedy Funding of Hackensack, NJ (http://www.kennedyfunding.com/), the industry's leading direct private lender, has closed a $7 million loan to HHH Nevada, LLC for land acquisition just off the Las Vegas "strip" in Clark County, Nevada.

After nearly two years of complications, time was running out. Conventional financing for the project -- which was to include a boutique hotel and state-of-the-art theater -- had fallen through and HHH Nevada, LLC was now under extreme pressure to close on a valuable piece of Las Vegas real estate ... and they needed to do it fast. The seller had put an immovable deadline in place and there was no possibility of an extension. If they didn't make the deal happen now, the opportunity could be gone forever. Other lenders stayed clear, but Kennedy Funding got to work. Meeting the deadline with time to spare, Kennedy was able to deliver a $7 million loan in just over a week.

Not only was the timing of the deal a major accomplishment, the loan amount -- more than the actual purchase price -- was equally significant. Based on further in-depth appraisals, Kennedy was able to commit to a loan amount greater than the actual purchase price of the property. "In addition to being extremely diligent, the Kennedy team was very pleasant to work with," says Michael Haley, one of the HHH partners. "They put in an enormous amount of time -- day and night -- to help us meet our deadline. And finding out they would increase the loan amount was an added bonus. It helped us cover our closing costs."

"We try to look ahead," adds Jeffrey Wolfer, President and Co-CEO of Kennedy Funding, "to see the potential value of the property in question. In a case like this, several things -- including a recently-obtained FAA approval to build 93 feet high, which is higher than many of the surrounding parcels of land near the airport -- stood out as particularly attractive." Recognizing the value of the property's proximity to both the Las Vegas strip and McCarran Airport, helped make the decision for Kennedy. "In this case," Wolfer continued, "what we call a 'situational loan' involved special circumstances from which other lenders typically shy away. Many borrowers and brokers don't realize that not only can we close these kinds of sizable deals with incredible speed-but new, lower rates make us even more competitive."

"Based on this experience, we're looking forward to working with Kennedy again on future projects," Haley went on, "I feel like we've established a relationship based on trust and mutual respect. I'd highly recommend them to anyone."

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days. In some cases, when time is unusually critical, deals can be closed even quicker. Available financing ranges from $1 million to $100 million and more, with rates as low as 9% and three points.

While specializing in commercial real estate bridge loans, Kennedy's flexibility and diversity have also resulted in loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding where other financial institutions cannot. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies and foreclosures.

http://www.kennedyfunding.com/