Kennedy Funding enters international market with loan to Spanish development firm

Hackensack, NJ — Kennedy Funding, one of the nation s leading direct private lending firms, is expanding its global presence beyond the borders of the US, Canada and Mexico to include Asia and Europe. The firm completed negotiations with a Korean company seeking a loan of over $260 million for the construction of a financial center in Seoul. With its usual promptness, Kennedy performed its due diligence and committed on the loan in just a few days.

In another transaction, Kennedy entered the European market with a key loan to Mijas Hill Development SA. The purpose of the loan is to help underwrite construction of a $20 million condo-hotel project in the town of Mijas in Spain's popular Costa del Sol.

Kennedy Funding's investment in Mijas Hill Development reflects the firm's confidence in the European market in general and the Spanish economy in particular.

"Analysts project growth of the Spanish economy to be a robust 4.3 percent," said Henry Haskell, a partner in Kennedy Funding. "Less than two percent of Spain's exports are tied to the Asian market, giving them less exposure to a decline than other European nations more dependent on Asia."

Known for its fast turn around, the hard-money lender has enjoyed rapid growth by enabling companies hard pressed for major financing to get the cash they need quickly. Said Michael Bahiri, another Kennedy partner, "Our growth is projected to accelerate as we launch this new program to make our unique creative problem-solving abilities available to growth-oriented corporations around the globe."

Mijas, the site of the proposed condo-hotel development, is a popular resort area situated in the foothills of the mountain range overlooking the Mediterranean coast. More than 100 golf courses are located in the area in addition to a thriving tourist industry supported by villas, hotels, and restaurants. The project, which sits on three acres in Mijas, overlooks the famous five-star Hotel Byblos Andaluz and the Club de Golf Midas, a 36-hole facility. Malanga International Airport is only 25 minutes from the new development.

It is essential for lenders to seek out and participate in opportunities in the international marketplace, said Haskell. To remain competitive in the new world economy, companies have to extend themselves beyond their national borders. With so many foreign investors active in the U.S. real estate market, American firms need to become more involved in the international real estate arena. He added, "We are very pleased with the response we have received due to our recent efforts in Europe and Asian and see it as a major step in our developing a complete global presence."

Based in Hackensack, New Jersey, Kennedy Funding has a national reputation for providing innovative financing for commercial loan transactions and its ability to process loan requests quickly. Kennedy specializes in real estate and commercial property funding, including bank workouts, land development, bankruptcies (including D.I.P. financing) and many other types of creative financing.

The company's lending process is driven by an executive management team experienced in diverse loan transactions. This streamlined process eliminates the delays and red tape encountered with other lenders and makes Kennedy a prime choice for borrowers with nontraditional transactions,special circumstances, or limited time frames for response.

By recognizing the importance of borrowers being able to act quickly in response to market conditions and providing the financial mechanism to do so, Kennedy has earned a distinctive niche among private lenders. Its unique approach to loan structuring, ability to quickly assemble teams of real estate and legal experts, and its access to tremendous financial resources, enables Kennedy to move more quickly than traditional lenders while minimizing risk.

The Mijas Hill Development loan transaction is typical of the deals Kennedy executes routinely. The ability to respond quickly has enabled Kennedy Funding to grow from a small firm with bank lines of credit totaling $4 million to a company that can close multimillion dollar loans in a few days. The company acknowledges that several recent loans and commitments were made over the weekend including the $260 million Korean transaction.

Traditional financing sources relegate the review of loans to lower level management, explained Haskell. At Kennedy, we rely on a team of partners with the expertise to assess complex financial risks, make decisions quickly, and take action. We're successful because our management team is actively involved in the loan process. Our experience and versatility enables us to consider more diverse opportunities than other lending institutions and that makes us an invaluable resource to commercial borrowers.