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Kennedy works fast to close raw land loan.

Kennedy Funding of Hackensack, New Jersey has closed a $2.7 million land acquisition loan to Mid-Atlantic Resort Development, LLC in Caldwell County, North Carolina.

The 662-acre parcel of land in the Blue Ridge corridor of Caldwell County boasts an average elevation of over 2,000 feet and is beautiful mountain country covered by a forest of firs. The mountainous terrain includes steep slopes, ridges, valleys, and two streams, one of which is perennial. It's ideal land for development of residential or mixed-use projects, with breathtaking vistas from every open area.

And Max Miller of Mid-Atlantic Resort Development, LLC wanted it.

Miller knew that the market for large tracts of developable land in the Blue Ridge Mountains was strong, with prices steadily escalating to levels never before seen. It seemed that, after each record sale, owners raised their prices even higher, and it had gotten to the point that single-family residential lots in adjacent areas were starting at $500,000 and higher. So Miller was confident that, with the purchase of this property, his company would have little problem in dividing it into approximately 280 residential lots, and selling them for a tidy profit.

First, however, he needed to secure an acquisition loan, he wanted to use the land itself as collateral, and he wanted to close quickly. The only stumbling block was that he didn't know who to approach for such a transaction--until he was advised by associates to talk with Kennedy Funding.

Kennedy Funding, the industry's leading direct private lender, is known as the lender with a difference. As Kevin Wolfer, Kennedy Co-CEO, explains, "We started out by delivering what traditional lenders either couldn't or wouldn't: speed and flexibility. Instead of making borrowers wait weeks or months, we can close as quickly as five days or less. And we don't turn loans down because of rigid regulations that don't apply. We look at each loan on its own terms, and if there's a way to make it work, we'll find it."

That philosophy applies equally well to raw land loans, according to Wolfer, and bolsters Kennedy's reputation of being able to close the 'impossible deals.' Wolfer adds, "Conservative lenders, such as banks and credit unions, won't even touch raw land. It has always puzzled us, because we can see the borrower's vision and share it. In Max's case, it was easy to see the culmination of his dream and, despite some glitches in the proceedings, we were happy to be the ones funding the deal."

Needless to say, Max Miller is glad his acquisition is funded and his project is on track. "Working with Kevin and Gregg Wolfer and with Amy Buck Harmon was a joy," he said. "Even when problems came up, and they could've been justified by bailing out, they didn't. They stuck to it. and found ways to make everything work The bottom line is that they re honorable people, and it was a pleasure doing business together.'"
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Comment:Kennedy works fast to close raw land loan.
Publication:Real Estate Weekly
Date:Apr 11, 2007
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