$23.2 Million Loan from Kennedy Funding Helps Developer Sink a Birdie on His Residential Golf Community

Contact:
David Green
201-288-7888
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Kennedy Funding

LAKE GENEVA, Wis., July 23 /PRNewswire/ — George Wight of Wight Development Group owned several tracts of land in the city of Lake Geneva, Wisconsin, a popular resort area. The various tracts totaled 226 acres of gently rolling meadows and forest, and included the Hilmoor Golf Course. And Wight had a plan that would eventually culminate in Lake Geneva’s next great resort destination.

Wight wanted to subdivide the property, setting aside a 5-acre parcel for commercial purposes, and redeveloping the remaining land into a breathtaking, exclusive residential golf community. As he envisioned it, the community would cluster around a new, completely redesigned and rebuilt Lohman golf course with a new, 10,000 square foot clubhouse that included a pro shop and restaurant. The community would also include a 100-room Hyatt hotel with banquet facilities, and 277 residential units, consisting of 139 single-family homes, 56 townhomes, and 82 condominiums.

It was an attractive plan, and all Wight needed was a loan to make it a reality, with his 226 acres as collateral. That wasn’t all, however. He also wanted to buy out some of his partners, and for that, he would need a bit more funding. Without question, he required a sizeable loan, plus he needed it quickly to satisfy those partners. And he soon discovered that lenders weren’t exactly fighting each other for the privilege of helping him. It was a good thing, then, that he also discovered Kennedy Funding.

Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the largest direct private lenders in the industry. They attained that position by offering two commodities that are quite rare in the traditional lending arena — speed and flexibility. So adept are they at delivering these attributes, that they can close multimillion-dollar loans in just days instead of weeks or months. And complications that would cause other lenders to dismiss the loan, leaving borrowers frustrated, only make Kennedy work harder, knowing that they have the expertise and experience to solve virtually any dilemma.

Kennedy President and Co-CEO Jeffrey Wolfer sums it up. “We’ve always been about speed and solving problems,” he said. “Traditional lenders such as banks and credit unions are never in a hurry to close loans, especially if they spot what they consider an ‘irregularity.’ Why? They don’t have to be. They know they’ll always have a steady clientele, regardless of how they treat their clients. By contrast, we got started by offering a sensible, creative alternative to the stifling policies of the industry. At Kennedy, we can make the loan happen if it’s at all possible. And one thing we never do is keep our clients waiting. George’s loan was a case in point. There were a few issues to be dealt with, such as his partner buyout, but they weren’t anything we hadn’t encountered before, and we were able to get him his loan in a more than adequate time frame – even when no one else could … or would.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 12% and three points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.