Kennedy Funding closes $ 2.5 million land loan in Peru
ENGLEWOOD CLIFFS, NJ, September 22, 2021 / PRNewswire / – There are approximately 5,771 commercial lenders in the United States. If you ask any of them if they would – or could – take out a land loan in the Tarapoto Hills, Peru, the answer would be a categorical “no”.
This is why a Coral Springs, Florida, the broker approached Kennedy Funding, a Englewood Cliffs, New Jerseydirect based private lender.
Kennedy Funding has built a worldwide reputation for loan closing when others cannot. Land loans have become one of their successful on-demand loan products. They successfully closed $ 3 billion on loan, mostly on land, all over the world: Belize, Brazil, Colombia, Dominican Republic, Jamaica, St. Barts, and many countries and continents, including loans across the United States and Canada.
âI met Kennedy’s management team a long time ago and knew there were special circumstances that would necessitate their services,â said Alex stiglich, South Pacific Funds and Commerce Limited, which represented the borrower.
âCommercial banks and other conventional lenders are asking just too much, and especially if time is of the essence there is no chance of closing,â he said. “Kennedy is more flexible in a lot of ways. They focus exclusively on the warranty. That’s how they close the deal. I trust them 100% in their ability to close.”
At September 10, Kennedy Funding closed the $ 2.5 million loan of land to Allan Construcciones SAC to finance the construction of their residential project. The loan will be used initially for working capital.
The loan was secured by two lots – 26,326.89 square meters of land located at Jr. Jose galvez C-08 Tarapoto, Peru, and 145,109 square meters of land located at plot 0639141 Oxapampa, Not co, Peru. The site is currently mud.
Kevin wolfer, CEO of Kennedy Funding, said securing a loan outside of the United States presented enormous challenges.
âIt takes an experienced lender like Kennedy Funding to do business in Peru“Wolfer said.” You have to navigate the maze of local laws and mounds of paperwork regarding real estate, land use, title and the environment. Ensuring an accurate appraisal of property in an unfamiliar country is vital, especially when it comes to raw land – which is why Kennedy uses world-class companies like CBRE. We can count on them to provide the highest possible loan amount to our borrowers. ”
âAllan Construcciones was able to provide us with two top-notch plots in different parts of the country,â he said. “They are located in areas that appealed to us as lenders, and each has a rich history.”
Tarapoto is a shopping center located in the province of San Martin in the north Peru; although Moyobamba is the capital of the region, Tarapoto is the largest city in the region. It is located approximately 356 meters above sea level on the high jungle plateau, also known as the cloud forest. It was founded in 1782 by Baltazar Martinez JimÃ©nez of Compagnon. According to the 2017 census, it has a total population of 310,073, including the Morales and Banda districts of Shilcayo. The main activities of the region are tourism, commerce and agriculture.
âWe are proud to have been able to close this loan in Peru“adds Wolfer.” We have a large pipeline of loan applications from all over South America. Other lenders cannot enter into these types of loans. We can. We look forward to filling this void in the market. “
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for acquisition, development, reorganization, bankruptcy, and foreclosure of commercial real estate and land. Kennedy Funding has closed more than $ 3 billion in loans to date. Their expertise in creative financing makes it possible to finance up to 75% of the loan-to-value, $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and central and South America.
SOURCE Kennedy Funding