Kennedy does ice job for home firm.Rather than wait for the 'glacially slow' traditional lenders to approve a loan, home improvement manufacturer, Pacesetter Corporation turned to Kennedy Finance. When the founders of Nebraska's Pacesetter Corporation sold two divisions to its management team this past spring, they also looked to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. their corporate real estate. But traditional lenders couldn't could·n't Contraction of could not. couldn't could not deliver the funds fast enough to the buyers. Enter 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. , NJ, who provided a $3.5 million acquisition loan to enable the new owners to purchase the company's two main commercial buildings in Omaha. Pacesetter was founded in 1962 and grew steadily over. Outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of some manufacturing, expanding the product lines, and other new efficiencies were introduced by Gary Iskra, who became the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Pacesetter in 2002. After buying the manufacturing and sales services divisions, Mr. Iskra and his management team were intent on the purchase of Pacesetter's corporate assets, a 100,000 sq. ft. manufacturing plant and a 3.7,000 sq. ft. office building, both to be acquired from the former parent corporation. "Kennedy Funding demonstrated a clear understanding of our needs," remarked Mr. Iskra. "And rather than wait for the 'glacially slow' traditional lenders to approve a loan, we found that Kennedy provided very quick, highly professional service. "We had our financing--and our two buildings in record time." Jeffrey Wolfer, president of Kennedy Funding, saw the value inherent in Pacesetter's relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . "By acquiring several divisions and their physical assets, the 'new' Pacesetter was positioning itself for the challenges of the next decade. "Kennedy Funding applied its quick valuation process and came up with the $3.5 million to make it all happen. Clearly, the management team knew what they were doing and where they were going. "They just didn't want to wait for the usual lenders to take their time structuring the loan. That's where we came in, and we were happy to do so." Kennedy Funding regularly funds diverse projects in the U.S. and around the world, structuring each loan to reflect the particular needs of the borrower. |
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