Mark Falzone is a senior loan officer at Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $1.6 million land loan to the longtime owner of a 159-acre farm property in southeast Idaho, the direct private lender announced.
The firm, which is based in Englewood, said borrower Diamond J Farms LLC will use the financing to pay off other debt and as working capital for the property near the Wyoming border. The undeveloped agricultural site at 9391 North 35 West includes three separate parcels totaling 159 acres, Kennedy Funding added, noting that the land is valued at $3.2 million.
Diamond J Farms has owned the property, which is close to Interstate 15 and routes 20 and 91, since 1984.
“We have been farming for five generations,” said Steve Jensen, principal of Diamond Farms. “We have built quite a reputation. We grow Idaho potatoes, barley for Anheuser-Busch and wheat for General Mills, among others.”
Mark Falzone, senior loan officer at Kennedy Funding, noted that there were challenging collateral issues such as having to secure the loan with a cabin and a farm. But the deal moved ahead by following what the firm says are its three essential documents — a clean title, a recent appraisal and a clean environmental report — rather than forcing borrowers to undergo a lengthy application process or following a set of arbitrary, inflexible guidelines.
“Kennedy Funding has earned an enviable reputation for its ability to overcome obstacles. We work tirelessly to ensure a successful loan closing,” Falzone said. “That’s one of our biggest advantages as a direct private lender — we can move quickly, cut through red tape and focus on real value instead of rigid traditional lender formulas.”
Kennedy Funding CEO and President Kevin Wolfer added: “By focusing on the fundamentals, we can expedite the application process and get borrowers an answer quickly. This is key when there’s a time-sensitive matter on the table or if a borrower needs a bridge loan while waiting for other funding sources to come through.”
