Kennedy Funding Closes $1 Million Loan For Long Island Waterfront Property
Direct private lender continues to close loans during the coronavirus pandemic
ENGLEWOOD CLIFFS, N.J., – As the unprecedented COVID-19 pandemic continues to exert a firm chokehold on the global economy, New Jersey direct private lender Kennedy Funding is continuing to close loans in this challenging real estate environment.
Kennedy Funding has closed a $1 million loan for a 3.82-acre waterfront property located at 300 Centre Island Road in Oyster Bay, New York. The borrower, 300 Centre Island Rd LLC, plans to use the proceeds to pay off the existing mortgage and other debts.
Located on Long Island in Nassau County, 300 Centre Island Road is at the heart of a popular vacation and residential area. It is currently home to a 460-square-foot cottage and a 1,077-square-foot, three-car garage. The property is currently listed for sale at $3,299,000.
In addition to being an excellent vacation spot, it is also large enough for a future purchaser to subdivide into several units rented to vacation-goers or year-round residents.
“We may be living through difficult economic times, but even with so many uncertainties, lucrative opportunities are still coming to the table,” said Kevin Wolfer, CEO of Kennedy Funding. “The difference is, when traditional lenders all but totally shut down deal flow, we are still able to examine each opportunity and make a determination, without restriction, on which loans are worthy of funding, even during an event as unprecedented as a pandemic.”
According to Wolfer, tight restrictions were already being imposed across all deal types before the unfolding COVID-19 crisis made those restrictions even tighter.
“Even before COVID-19 took hold in the U.S., traditional lenders were already weary about approving loan applications due to low interest rates,” Wolfer said, adding that Kennedy Funding has noticed an uptick in applications for loans related to bankruptcies, workouts, and defaults. “This resulted in belt-tightening which impacted all deal types across the board.”
Even though the lending environment may be uncertain right now, Wolfer noted that certain sectors will continue to experience growth and demand. Notably, Kennedy Funding recently closed a $1.5 million loan to a healthcare facility in Detroit, just as the novel coronavirus crisis took hold in the Motor City. The borrower’s facility was chosen to be a testing site for COVID-19.
“The world may feel frozen in place right now, but many are thinking toward the future and are continuing to pursue opportunities,” Wolfer said, adding that Kennedy Funding is one of the few lenders in the U.S. closing loans during this unprecedented time. “Traditional lenders are drastically tightening their already-tight rules for lending, not to mention increasing their minimum credit score requirements or refusing to lend to entire industries. We are committed to making up for this devastating gap in the real estate market.”
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $3 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, Central, and South America.