An oceanfront property on Queen’s Highway in the Bahamas community of George Town will be home to villas built by Exuberant Development Inc. — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $3 million loan to the developer of a new residential community in the Bahamas, the Englewood Cliffs-based direct private lender announced Monday.
The firm said the borrower, Exuberant Development Inc., will use the proceeds to complete construction on three villas in the municipality of George Town. Located on Exuma Island, the Queen’s Highway property sits on 17.35 acres of oceanfront real estate.
The homes are between 65 and 90 percent complete, Kennedy Funding said. The three-year, interest-only loan will also help cover the infrastructure costs associated with the project’s seven remaining lots.
“Finding a lender or conventional U.S.-based bank willing to do this loan in the Caribbean is pretty much impossible,” said Kevin Wolfer, CEO and president of Kennedy Funding. “While they see this as a risky venture, Kennedy’s extensive history working in the Caribbean market allows us to fund quickly and efficiently—helping us to breathe life into these projects.
“After the devastation of Hurricane Dorian in the Bahamas, we wanted to do our part to help build this area back up to once again become a premier destination for tourists and residents. Any chance we have to help generate future revenue for the Bahamas economy is an opportunity we can’t afford to pass up.”
George Town is the capital and the largest town of the Bahamian district, with an estimated population of more than 2,400, according to a news release. The lender touted the area’s rich culture, amenities and natural beauty, noting that it continues to be a thriving tourist destination.
“Our ability to close hard money loans with fast turnarounds, and our creative approach to finding the right lending solutions, makes Kennedy Funding the right candidate for these types of opportunities,” Wolfer said. “In this case, the endless international bureaucratic red tape requirements, which change substantially from country to country, may be a deterrent for many lenders to venture outside of the U.S.
“They only see obstacles, while we see opportunity — especially in this area of the world, which is on the road to a prosperous recovery.”