Kennedy Funding closes $ 3 million loan for residential complex in Central America
ENGLEWOOD CLIFFS, NJ, January 30, 2020 / PRNewswire / – Kennedy Funding Continues to Build Its Name as a Leading International Direct Private Lender, With the Closing of a $ 3 million loan to Point Alegre Development in the Central American country of Belize.
The loan proceeds will be used for refinancing, debt repayment, construction and working capital to finance the development of 19 acres zoned for residential tourism in Orchid Bay, a 114-acre residential resort community bordering the bay located in the entrance of Corozal Bay. A total of 30 plots within Orchid Bay are part of this phase of development.
This is the second loan that Kennedy Funding has entered into Belize, a country in Central America near the Caribbean Sea.
“Traditional lenders avoid the legal, real estate, and financial challenges that come with international lending, but a lender like Kennedy Funding has the experience to successfully secure overseas loans,” said Kevin wolfer, President and CEO, Kennedy Funding. “The loan for Orchid Bay required significant legal work and knowledge of local, regional and international real estate and financial laws. No typical lender has been able to make this kind of deal. Thanks to our years of work and our solid track record in many regions abroad, including the Caribbean, Kennedy Funding has successfully navigated the legal framework necessary to close. “
According to Wolfer, the first phase of development at the site has been built and fully sold. The borrower has already developed and sold 24 casitas, 12 condos, a bed and breakfast property, a beachfront restaurant and over 20 single family homes. Additionally, Orchid Bay has sold an additional 99 single-family residential lots, which will be developed by a third party.
The remaining phases to be built, according to Wolfer, include a mix of villa residents, a luxury boutique hotel, bungalows and two condominiums. Orchid Bay has also completed road construction, an already running water treatment system is ready for expansion, and most lots have already been connected to underground electrical service.
“With many plots already sold or under construction in an affordable and in-demand vacation destination, it was clear to us that Orchid Bay is already performing well, attracting buyers looking to own a slice of heaven,” Wolfer said. “We are seeing the rise in real estate values and share the vision of the promoter of the property. This is what contributed to the achievement of this agreement ”
Surrounded by Guatemala and approximately 20 miles from the duty free shopping destination Chetumal, Mexico, Belize is renowned for regional and international tourism. The northern bay town of Corozal is located close to Corozal Airport. The bay is a short flight from Belize City and capital of Belmopan. Although isolated, the bay is accessible by land, air and sea – an advantage over major vacation destinations, most of which are inaccessible by car.
“Belize is a beautiful country, known for its ancient Mayan ruins, exciting nature hikes and breathtaking beaches, “said Wolfer.” We are pleased to be able to use our knowledge and experience to support continued growth from the Orchid Bay resort, which will help serve vacationers for years to come. ”
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridging loans for commercial property and land acquisition, development, practice sessions, bankruptcies and foreclosures. Kennedy Funding has closed more than $ 3 billion in loans to date. Their creative expertise in financing can finance up to 75% loan-to-value, from $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has entered into loans throughout the Caribbean, Europe, Canada, Central and South America.
SOURCE Kennedy funding