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Lower rate loan draws more bridge loan biz

With a new loan program offering rates as low as 9 percent / 2 points, Kennedy Funding brings bridge loans into a new era.

Clients have begun to respond to Kennedy's aggressive new loan pricing, taking immediate advantage of the new 9/2 rate. Borrowers benefiting from this program have a larger equity position in their project, and/or have income-producing property as collateral.

Kennedy Funding is providing borrowers with expanded options on more than just the cost-of-loan front--their well-established ability to produce funds in a tight time frame gives them a serious edge over most of the lenders in the marketplace, particularly the slow, traditional lenders. Kennedy is now capable of making a commitment in 24 hours, and closing in as little as five days. With performance statistics like that, those in the market for bridge loans are responding enthusiastically.

Long recognized as one of the largest and most successful bridge loan lenders in the country, Kennedy Funding has spent close to 20 years lending to those who do not find the banks a satisfactory source of funds, and particularly to those borrowers with a 'time is of the essence' issue. While the rapidity at which Kennedy Funding makes loans continues to be a hallmark of their services, the availability of the lower loan rate enhances their appeal even further.

In point of fact, a recent loan issued under this new, lower-rate program consisted of $6 million, used by the borrower to purchase a total of eight partially leased, underperforming office buildings in New York, Pennsylvania, Connecticut, New Jersey and Rhode Island. Fort Roc Realty, LLC, came to Kennedy after the banks balked, and Kennedy delivered quickly, providing the $6 million loan at the new lower rate.

Of course, competition continues to be fierce. Kennedy Funding sees the reduced rate loan program as an opportunity to attract more borrowers looking for affordable rates that do not come handcuffed to additional fees or hidden expenses. There are no 'shadow' costs associated with the 9/2 program. It's not a claim that every lender can make, but Kennedy is determined to deliver their loans as a 'pure' product--one without last-minute surprises. It's a stance appreciated by borrowers over and over again.

The range of funds that Kennedy can produce also opens wide the window of opportunity. Starting at $1 million and capable of reaching past $100 million, Kennedy's generous loan capacity promises financial leverage that many borrowers will undoubtedly see to their advantage.

Lastly, it should be noted that a reduced loan rate does not mean reduced service in any sense of the word.

Kennedy Funding combines the speed of their streamlined process with professional guidance. Borrowers hitting obstacles along the way find that the resources at Kennedy run deep, from financial to legal to issues of negotiation and specialization and more. They create strong working relationships with borrowers, proceeding in a manner that is totally beneficial to all parties in a transaction. And with the new lower rate, there are certain to be more parties than ever before.

Kennedy Funding is a direct private bridge loan lender based in Hackensack, New Jersey.

The firm has been serving commercial borrowers since 1986, meeting the needs of a diverse client base that includes commercial real estate ventures and business enterprises in the U.S., and increasingly, international markets.

JEFFREY WOLFER, PRESIDENT, KENNEDY FUNDING

COPYRIGHT 2005 Hagedorn Publication
COPYRIGHT 2005 Gale Group