Kevin Wolfer, CEO and president of Kennedy Funding
By Joshua Burd
Kennedy Funding, a direct private lender based in Englewood Cliffs, has closed a $2.64 million loan to the owner of a farming business in eastern Brazil.
In a news release, the firm said it was providing the agricultural land loan to Scariot Agro Business LLC. The borrower will use the proceeds as working capital to grow its operation on a 78.775-acre tract near downtown Camaçari, an industrial city in Bahia in the Salvador metropolitan region.
It is the latest in a string of international loans for Kennedy Funding.
“Few lenders are confident in their ability to successfully close loans abroad,” said Kevin Wolfer, CEO and president of Kennedy Funding. “Not only do the laws that govern lending and real estate vary wildly from country to country, but your lender needs to be knowledgeable of the economic and political landscape and know how to work around any challenges. At Kennedy, we have the longstanding relationships on the ground — and the firsthand knowledge — that are vital to closing in several countries abroad, including Brazil.”
Kennedy Funding said it has originated more than $3 billion in loans in countries in South and Central America and throughout the Caribbean, including Colombia, Belize, the Dominican Republic and Jamaica.
The property that Scariot Agro Business is developing is near major highways, industrial properties and commerce, the news release said. Zoned for trade expansion, the site is already serviced by water, sewage, drainage, telephone, electrical and paved roads with curbs and gutters.
“The site is ready for Scariot Agro Business to start their expansion right away,” Wolfer said. “Thanks to our loan, the borrower can continue to grow and serve the entire Salvador region.”