PLC 4ever
Related Articles
ENGLEWOOD CLIFFS, NJ, October 6, 2020 / PRNewswire / – Getting a land loan is hard enough. Add the COVID-19 pandemic to the mix, and the prospect seems downright impossible. This is not the case for New JerseyKennedy Funding, which today announced the closure of a $ 1.96 million land loan to Plaza Tierra Caliente, Inc., based in Fort Worth, Texas.
The proceeds of the loan will be used to cash in two parcels of land totaling 11.59 acres, located at 850 and 1000 Oak Grove Road in Fort worth, which already belong to the borrower. The funds will be used to acquire 19.8 acres located at 6250 Old Hemphill Road, near the Oak Grove Road properties. The borrower is under contract to sell the Oak Grove Road properties for $ 2 million and is under contract to acquire the Hemp Hill Road property for $ 1.75 million.
“The borrower came to us with unusual circumstances, but we were able to find a way to get the financing he needed,” said Edwin Urrego, Loan Officer, Kennedy Funding. “As a direct private lender, we have the freedom and flexibility to look at each transaction as it stands on its own merits.”
According to Jerry Price of Austin, TexasJPF Capital Partners and the deal broker, Urrego and Kennedy Funding, were “very quick to respond” to the needs of Plaza Tierra Caliente.
“He and the Kennedy team were successful in overcoming a number of hurdles that we encountered throughout the closing process and making the deal a reality,” Price said.
According to Kevin wolfer, CEO of Kennedy Funding, the $ 1.96 million The loan at Plaza Tierra Caliente is the second land loan closed in a week. The first closed land loan was intended for $ 3 million towards the acquisition and development of a 101.46 acre commercial and recreational site in Port Charlotte, Florida.
Wolfer called the two closings a “feat” given how difficult it was for borrowers to get mortgage loans in the first place.
“Lenders just won’t consider land loans, especially during such a tumultuous time for real estate as COVID-19,” Wolfer said. “Kennedy Funding works closely with borrowers to find ways to approve their applications. We’re here to help borrowers get the financing they need.”
According to Wolfer, the buyer of the two Oak Grove Road properties plans to build multi-family housing on the site. Currently the property has a single family residence and a small warehouse noted in poor condition.
“The Town of Forth Worth has been interested in building multi-family housing in this area for some time, so there was significant support to see this deal move forward,” Wolfer said.
Wolfer noted that the Old Hemphill Road property was considered an “eyesore” by the Town of Fort worth for a while.
“The Old Hemphill Road property was once a flea market and an 18-wheel parking lot, but it has been inactive for a long time and has brought no value to the town or the community,” Wolfer said, adding that the city had a -use area permit for the property which allowed events to take place there. “The buyer intends to transform this property into a rodeo and event center for live events.”
Wolfer called the deal a “win-win” for Fort worth.
“These new developments will provide jobs, housing and income for the city and its residents,” Wolfer said. “We are pleased to have been able to help Plaza Tierra Caliente secure the necessary funding to advance projects that will beautify and add value to this area of Fort worth. ”
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for acquisition, development, reorganization, bankruptcy, and foreclosure of commercial real estate and land. Kennedy Funding has closed more than $ 3 billion in loans to date. Their expertise in creative financing makes it possible to finance up to 75% of the loan-to-value, $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and central and South America.
SOURCE Kennedy Funding
