A global direct private lender of bridge loans based in Englewood Cliffs, N.J., has closed a $2.5 million land loan in Peru to fund construction for a residential project.
Kennedy Funding closed the land loan on Sept. 10 to Allan Construcciones S.A.C. to initially provide working capital for construction of its residential project, a press release said.
Kennedy Funding provides bridge loans (a loan that closes the gap between investment purchase and long-term financing) for commercial property and land acquisition, development and more.
“The (Peru) loan was secured by two pieces of land — 26,326.89 square meters of land located at Jr. Jose Galvez C-08 Tarapoto, Peru, and 145,109 square meters of land located at Parcel 0639141 Oxapampa, Pasco, Peru. The site is currently raw land,” the press release said.
Having closed over $3 billion in loans, Kennedy Funding has closed loans in the United States, Europe, Canada, Central America, South America and the Caribbean.
“I met with Kennedy's management team a long time ago and knew that there were special circumstances that would require their services,” said Alex Stiglich, of South Pacific Funds and Commerce Limited, who represented Allan Construcciones S.A.C. in the Peru loan. “Kennedy is more flexible in so many ways. They focus exclusively on the collateral. That’s how they get the deal done. I trust them 100% with their ability to close.”