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DYNAMIC AUCTION-MARKETING PROGRAM OPENS DOOR TO CONSTRUCTION FINANCING

 DYNAMIC AUCTION-MARKETING PROGRAM
 OPENS DOOR TO CONSTRUCTION FINANCING
 Pre-Sold Homes Break Financing Barriers for Developers,
 Home Builders and Lenders, Expert Says
 LOS ANGELES, Oct. 23 /PRNewswire/ -- As home builders continue their search for elusive funding, the nation's top auction-marketing firm has introduced a new program that breaks the construction financing barrier and sets the stage for a win-win situation for developers, home builders, lenders and consumers.
 "Auction-to-build is a marketing concept that primes the buying pump, allowing developers to sell homes from models prior to building and giving lenders the comfort level they need to commit to construction financing," William R. McMorrow, chairman and chief executive officer of Kennedy-Wilson Inc. (NASDAQ: KWIC) told attendees here at the Urban Land Institute's 1992 fall conference.
 The program is cost-efficient for all those involved, he explained. Buyers can review lots, models and plans before bidding, then compete in an open forum for the home of their choice.
 "Builders can beat the financing doldrums because lenders are more willing to provide construction financing for units pre-sold to qualified buyers," McMorrow pointed out.
 Auction-to-build is like an insurance policy since all buyers must be pre-qualified in order to compete in the bidding process. Furthermore, Kennedy-Wilson has a department dedicated to closing escrows after all auction sales.
 -0- 10/23/92
 /CONTACT: Sydney Knott of Casey & Sayre, 310-457-3676, for Kennedy-Wilson/
 (KWIC) CO: Kennedy-Wilson Inc. ST: California IN: FIN CST SU:


BP-JL -- LA030 -- 4417 10/23/92 18:24 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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