Kennedy Funding Financial, LLC (KFF) has completed a $3.41
millionloan secured by a multi-building industrial facility in Franklin
County, PA, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based
direct private lender. The two-year, interest only-loan was secured by Foremost
Realty Holdings, LLC, an affiliate of homebuilder Foremost Industries, Inc. The
lender was Foremost Realty Lender, LLC, and the funding will be serviced by
KFF.
"The borrower recently acquired the company owning the
collateral for $5.5 million, paying $2.9 million in cash to the
seller and assuming the existing Susquehanna First Mortgage of $2.6 million,"
said Wolfer. "Our loan will pay off that mortgage, and the borrower also
pledged a 6,700-square-foot office building in Greencastle , PA.
"This type of asset, especially when owner-occupied, is
considered risky and difficult to get loans placed for," said Wolfer.
"However, based on the strength of the borrower and the value of the
collateral, we were able to get the loan closed."
The collateral consists of a 260,000-square-foot,
three-building industrial property on 52.68 acres at 6100 Buchanan Trail West inMontgomery and
Peters Townships , Franklin County . Constructed in 2005, the
property includes a combination of lumber storage, a modular plant utilized for
the assemblage of components for modular homes, and an office component of
approximately 4,500 square feet.
Buchanan Trail is also known as Route 16, a well-traveled route
with access to Route 416 to the Maryland line
and I-70. The site is also accessible to I-81.
Kennedy Funding Financial, LLC, one of the largest direct
private lenders in the country, specializes in bridge loans for commercial
property and land acquisition, development, workouts, bankruptcies, and
foreclosures. The principals of the company have closed over $2.5 billion in
loans to date. The firm's creative financing expertise enables the closing of
equity-based loans of up to a 70% loan-to-value ratio, from $1 million to
more than $50 million, in as little as five days. Kennedy Funding
Financial, LLC continues to actively seek new funding opportunities throughout
the world.
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