Kennedy Funding's golf strategy is under par.When 70 golf courses of its competitor, Family Golf Center, went up for auction, Senior Tour Players, Inc. needed fast access to funding in order to bid on as many properties as possible. Kennedy Funding, a direct private lender based in Hackensack Hackensack, city, United States Hackensack, city (1990 pop. 37,049), seat of Bergen co., NE N.J., on the Hackensack River, a residential and industrial suburb of New York City; settled 1647, inc. as a city 1921. , N.J., turned around an $18 million loan commitment in just two days. "By turning around an $18 million loan commitment in less than 48 hours, Kennedy Funding enabled us to go into the auction ready to bid on as many viable properties as possible," says Stanton Stanton, city (1990 pop. 30,491), Orange co., SW Calif., SW of Anaheim; inc. 1956. The city's population grew rapidly in the late 20th century. Manufactures include electrical and electronic goods, signs, computer equipment, building materials, and plastics. V. Abrams Abrams may refer to:
Backed by Kennedy's loan commitment, Senior Tour Players, Inc. won bids on eight of the 70 properties sold off at the bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most auction. Sales of the assets of Family Golf Center, once considered the leading operator of full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. golf centers in the country, yielded $100 million. Due to the growing number of retirees, interest in corporate golf, and the game's appeal to a broad age range, demand for golf courses is greater than ever. Low turnover in club and course memberships and under-served areas are additional factors in the increased demand for courses. In Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. alone, Senior Tour Players' home state, no fewer than nine private courses have been launched since 1998. The Massachusetts Golf Association projects between 28 and 34 private and public golf courses being built before 2002. "Finding a traditional lender willing to issue a loan commitment of that size for the purpose of bidding on golf course properties would have entailed a lengthy process, with severe hurdles to clear," says Kevin Wolfer, a principal of Kennedy Funding. "Senior Tour Players simply did not have the time to wait. Within 48 hours, we were able to assess the viability of the deal and tap our network of capital resources to produce the loan commitment." This is not the first time Kennedy Funding has made a loan to a golf course enterprise or sports entity. Kennedy made a $16.5 million dollar loan to the developers of the world-class championship golf course at the Quintero Golf and Country Club just outside Phoenix. |
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