Kennedy Funding Secures $2.05 Million Loan for Dallas Development
Kennedy Funding Secures Loan for Dallas Development
N.J. lender closed loan after previous lender backed out
ENGLEWOOD, N.J. – Much-needed housing development is gearing up in one of America's rapidly expanding metropolitan regions.
New Jersey-based direct private lender Kennedy Funding finalized a substantial loan of $2,050,000 to The Beach Dallas LLC for the acquisition of 62.696 acres of raw land. This location, situated at 2700 Simpson Stuart Road in Dallas, Texas, is positioned for the burgeoning real estate market.
The borrower is under contract to purchase the property for $3 million. Kennedy Funding has agreed to allow the seller to maintain a second mortgage worth $1.095 million behind its loan, demonstrating a cooperative approach to financing.
Kennedy Funding was introduced to the borrower through a broker aware of the lender's strong reputation for quick closings. Initially, the borrower had difficulties with a previous lender who failed to fulfill their commitment after three years of negotiations to acquire the property.
Christian Toxboe, the borrower, expressed relief stating, "We navigated through every step — completed all necessary documentation and due diligence. Suddenly, the lender ceased operations, leaving us in a tight spot." He praised the Kennedy team for their diligence: "They were exceptional to work with, especially after the struggles we faced with the other lender."
Edwin Urrego, Executive Loan Officer at Kennedy Funding, noted the challenges many borrowers face when lenders do not meet their deadlines. "Christian's experience illustrates a common issue in the industry where timing is critical. Selecting the right lender can mean the difference between success and facing significant financial losses."
Kennedy Funding specializes in providing fast land loans for varying purposes, which can often be overlooked by banks due to traditional credit scrutiny. "We focus on the current opportunity rather than a borrower's past credit issues," Urrego emphasized, ensuring that many worthy projects can still gain access to financing.
This investment represents an intuitive strategy that focuses on the project’s potential rather than the strict lending standards often imposed by traditional financial institutions. Urrego highlighted the demand for housing, stating, "Almost 178,000 individuals relocated to Dallas between mid-2023 and mid-2024. This influx creates a pressing need for new housing like that proposed by The Beach Dallas."
The property benefits from a robust transportation infrastructure, including access to major highways such as Interstate 20. Future residents of this development will enjoy convenient routes to downtown Dallas and the Dallas Fort Worth International Airport. Moreover, the site is in proximity to educational institutions, including the University of North Texas — Dallas and Paul Quinn College, contributing to a skilled labor market attractive to new businesses relocating or opening within the Dallas-Fort Worth area.
Kevin Wolfer, the CEO and President of Kennedy Funding, highlighted the opportunity this loan creates for local development, stating, "Texas hosts half of the fastest-growing cities in the U.S., representing incredible prospects for borrowers like The Beach Dallas to immerse themselves in community enhancement." He noted that this loan marks the second one Kennedy Funding has successfully closed in the Dallas area this year.
For a closer look at Kennedy Funding and their offerings, please visit www.kennedyfunding.com.
About Kennedy Funding
Kennedy Funding operates as a leading global direct private lender, specializing in bridge loans tailored for commercial property and land transactions, development, workouts, bankruptcy, and foreclosure scenarios. The firm has successfully closed more than $4 billion in loans, showcasing an expertise in creative financing solutions that enable funding up to 75% loan-to-value, ranging from $1 million (or $3 million internationally) to over $50 million, often in as little as five days. Their reach extends across the United States, and into the Caribbean, Europe, Canada, and Latin America.
For additional details or to explore funding solutions, please visit www.kennedyfunding.com.
Frequently Asked Questions
What is Kennedy Funding?
Kennedy Funding is a direct private lender specializing in bridge loans for commercial properties and land acquisitions.
What type of loans does Kennedy Funding provide?
The company offers loans for acquisition, development, workouts, bankruptcies, and foreclosures, focusing on creative financing solutions.
Where is the new property development located?
The development is located at 2700 Simpson Stuart Road in Dallas, Texas, a region known for its robust growth.
How much was the loan closed by Kennedy Funding?
Kennedy Funding closed a $2.05 million loan for the acquisition of land for The Beach Dallas LLC.
Why is the Dallas area considered attractive for investment?
The Dallas area is experiencing significant population growth, including an influx of new residents who need housing, making it a lucrative location for property investment.
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