Kennedy Funding Saves Deal With Quick $7M Loan

PANAMA CITY, FL-Kennedy Funding of Hackensack, NJ has saved a planned 200-unit, three-building, multi-million-dollar condominium venture from sinking by providing a quick $6.6-million land acquisition loan after the developer’s local bank couldn’t provide the paperwork by the seller’s deadline. The interest rate and loan terms weren’t disclosed, however.

Locally based Gulf Waves Partners LLC needed the money fast because the seller held backup contracts and was unwilling to extend the contract time, says Al Buniak, a principal at the development firm. “It took only seven days (to do the deal) from commitment to loan closing,” Buniak tells GlobeSt.com.

“Timing was the critical issue for us and Kennedy Funding was able to get the deal done in the tight timeframe we were facing,” says Buniak. “The whole Florida Gulf market is doing very well and Panama City has become a very hot market to the extent that a delay in getting the loan was essential to obtaining the property.”