Edwin Urrego is an executive loan officer at Kennedy Funding
By Joshua Burd
A developer is set to acquire nearly 63 acres of raw land in Dallas with the help of a $2.05 million land loan from Englewood-based Kennedy Funding.
In a news release, the direct private lender said The Beach Dallas LLC is under contract to purchase the property at 2700 Simpson Stuart Road for $3 million. Plans for the site call for a housing development that would leverage its access to the region’s highway network, including Interstate 20, as well its proximity to downtown Dallas and a highly skilled workforce that has attracted a growing number of companies to the Dallas-Fort Worth area.
Kennedy Funding noted that it was referred to the borrower, Christian Toxboe, by a broker after an initial lender suddenly closed down and failed to deliver after the would-be buyer was under contract for three years.
“What happened to Christian could have happened to anyone, and it illustrates just how often we see borrowers up against the clock because other lenders can’t close on time,” said Edwin Urrego, executive loan officer at Kennedy Funding. “That’s why choosing the right lender is often the difference between success and failure — and saving or losing huge amounts of money.”
The lender added that it has agreed to permit the seller to hold $1.095 million in the form of a second mortgage behind its loan.
“Even when the borrower’s credit is an issue, as in this case, Kennedy can close a land loan fast and on time for virtually any purpose: acquisition, development, workout — you name it,” Urrego said. “Banks and other traditional lenders won’t even look at the deal.
“We’re not scrutinizing your credit history when we evaluate the current opportunity that’s on the table.”
That approach led Kennedy Funding to consider lending on the project in Dallas, a city known for its lengthy and strict permitting process but one that has seen rapid population growth, the news release said. The Beach Dallas LLC site is also close to both the University of North Texas – Dallas and Paul Quinn College.
“Half of the fastest-growing cities in the U.S. are in Texas, presenting an incredible opportunity for borrowers like The Beach Dallas to invest in their communities,” said Kevin Wolfer, CEO and president of Kennedy Funding.”A developer is set to acquire nearly 63 acres of raw land in Dallas with the help of a $2.05 million land loan from Englewood-based Kennedy Funding.
