Kevin Wolfer is CEO and president of Kennedy Funding Financial, a direct private lender based in Englewood Cliffs — Courtesy: Kennedy Funding Financial
By Joshua Burd
Kennedy Funding Financial has surpassed the $3 billion mark in loans closed by its principals over more than 30 years in business, touting a history of taking on difficult properties and challenging applications.
The Englewood Cliffs-based firm, a direct private lender, announced the milestone this week after building a platform based on providing fast closings or a creative approach to lending. CEO Kevin Wolfer said the platform has separated Kennedy Funding from banks and other traditional lenders that have rigid criteria for borrowers and the types of deals they’ll consider.
“The reason for our success is simple,” Wolfer said. “When traditional lending institutions tell borrowers no, we find a way to tell them ‘yes.’ We’ve bucked the rigid models which have denied so many the opportunity to succeed.”
Kennedy Funding’s loans range from $1 million to more than $50 million and have a loan-to-value up to 75 percent, the firm said in a news release. As a hard money lender, the company specializes in bridge loans for commercial property for all purposes, including land acquisition, development, workouts, foreclosures and bankruptcies.
In the process, Kennedy Funding has refined its ability to offer a fast turnaround, closing in as little as five days in some cases. The firm is able to do so thanks to in-house management and its network of appraisers and attorneys with round-the-clock availability.
“Borrowers who need money fast, or who have a great opportunity and simply cannot find the funding available from traditional sources are no longer cut off from consideration for a hard money loan,” Wolfer said. “They may be straddled with a problem property, faced with a bad credit history or bankruptcy, or may have a partnership that has gone sour.
“If an opportunity can stand on its own legs, it doesn’t matter if the borrower has a blemish on his or her record.”
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Kennedy Funding has used an array of different funding sources for its loans. Today, it largely uses a network of private equity funds and high net worth individuals.
Over time, the company has also developed an expertise in overseas lending, having closed millions of dollars of loans throughout the Caribbean, Canada, Central America and Europe.
“We are one of the few, if not the only, direct private lenders with the knowledge many borrowers in the international community want or need, since many borrowers look for U.S. backing or experience,” Wolfer said. “Our expansion into those global markets has been, and continues to be, a key part of our growth.”
