401 Log Canoe Circle in Stevensville, Maryland — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $3.2 million loan that will support the growth of a Maryland engineering firm, the Englewood Cliffs-based lender announced Friday.
The borrower, Reynolds Estates LLC, will use the financing for debt repayment and working capital for the Chesapeake Bay headquarters of RTI Forensics, according to a news release. The firm occupies more than 46,000 square feet at 401 Log Canoe Circle in Stevensville, Maryland.
“Our ability to close loans fast is based on a borrower’s ability to provide the checklist items including, but not limited to an up-to-date appraisal, a clean environmental report and clear title,” Kevin Wolfer, principal and CEO of Kennedy Funding, said in a prepared statement. “With all these documents in hand, we are able to get the loan the borrower needed in record time.”
RTI Forensics specializes in accident investigation, failure investigation and safety management, the news release said. Its five-year-old, multistory headquarters building has meeting and conference room space and areas dedicated to laboratories, offices and storage, with an additional 4,800 square feet available for future expansion or an additional tenant.
Lamar Barnes, principal of BW Capital Advisors and a general debt adviser to RTI Forensics, referred the borrower to Kennedy Funding to help secure the funds it needed to recapitalize.
“Once all of the documentation was completed and submitted, the process moved incredibly fast,” Barnes said. “Kennedy Funding closed the loan in just 10 days. They managed the entire process well from beginning to end.”
