Kennedy Funding Secures $1.66 Million Loan for Housing in Fast-Growing Dallas Metro Area
Kennedy Funding has made a significant contribution to addressing the housing crisis in one of the United States' most rapidly expanding metropolitan areas with a new loan. The lender recently finalized a $1.66 million loan agreement that allows OFS Ventures to acquire 9.32 acres of raw land in McKinney, Texas, aiming to construct 69 townhomes on the site. The timely infusion of funds will assist in acquiring the expansive property valued at $3.3 million, a move that is expected to cater to the surging demand for housing in the Dallas/Fort Worth area, which is witnessing unprecedented population growth. The area’s population jumped from 7.6 million in 2020 to 8.1 million by 2023, indicating a pressing need for quality and accessible housing options.
Mark Falzone, the executive loan officer at Kennedy Funding, commented on the significance of securing a 9% interest rate in today’s financial landscape, particularly for a project involving undeveloped land. He emphasized Kennedy Funding’s longstanding reputation and experience in facilitating such loans, which are often viewed as risky by traditional lenders.
The transaction was brokered by Alex Caragiannides, a seasoned real estate lending expert based in Melville, New York. Recognizing Kennedy Funding’s expertise in navigating land deals, Caragiannides approached the firm to collaborate on structuring the financing. He praised the firm for its methodical approach and successful track record in getting land loans approved. In his words, ‘Kennedy Funding is virtually the only lender out there that will fund raw land loans and do so successfully.’
Kevin Wolfer, the President and CEO of Kennedy Funding, underscored the company’s flexibility in working with borrowers. Unlike conventional banks which often blanketly reject proposals involving raw land, Kennedy Funding evaluates every opportunity on an individual basis, taking into account the market dynamics and potential successes for projects. In the case of the McKinney development, he pointed out the economic trends and housing demands in the Dallas-Fort Worth area as critical factors enabling this investment.
The Dallas area is not only a hub for thriving businesses but also a vibrant cultural icon that attracts a diverse population. Major companies like CBRE and AECOM have established their headquarters in Dallas, enhancing the attractiveness of the locale for job seekers and families alike. The projected OFS Ventures project aims to transform a currently vacant plot into a thriving community, providing dozens of families with a place to call home. This endeavor is timely, as the city continues to undergo rapid growth and urban development.
Kennedy Funding has established itself as a key player in the private lending space, specializing in bridge loans for commercial properties and land acquisitions. With over $4 billion closed in loans, they provide innovative financing solutions that bridge gaps where conventional financial institutions often fall short. Their commitment to fostering developments that align with market needs aligns perfectly with their mission—to support initiatives that lead to sustainable and prosperous communities.
For further information regarding Kennedy Funding and their offerings, readers may visit their official website at www.KennedyFunding.com.
Mark Falzone, the executive loan officer at Kennedy Funding, commented on the significance of securing a 9% interest rate in today’s financial landscape, particularly for a project involving undeveloped land. He emphasized Kennedy Funding’s longstanding reputation and experience in facilitating such loans, which are often viewed as risky by traditional lenders.
The transaction was brokered by Alex Caragiannides, a seasoned real estate lending expert based in Melville, New York. Recognizing Kennedy Funding’s expertise in navigating land deals, Caragiannides approached the firm to collaborate on structuring the financing. He praised the firm for its methodical approach and successful track record in getting land loans approved. In his words, ‘Kennedy Funding is virtually the only lender out there that will fund raw land loans and do so successfully.’
Kevin Wolfer, the President and CEO of Kennedy Funding, underscored the company’s flexibility in working with borrowers. Unlike conventional banks which often blanketly reject proposals involving raw land, Kennedy Funding evaluates every opportunity on an individual basis, taking into account the market dynamics and potential successes for projects. In the case of the McKinney development, he pointed out the economic trends and housing demands in the Dallas-Fort Worth area as critical factors enabling this investment.
The Dallas area is not only a hub for thriving businesses but also a vibrant cultural icon that attracts a diverse population. Major companies like CBRE and AECOM have established their headquarters in Dallas, enhancing the attractiveness of the locale for job seekers and families alike. The projected OFS Ventures project aims to transform a currently vacant plot into a thriving community, providing dozens of families with a place to call home. This endeavor is timely, as the city continues to undergo rapid growth and urban development.
Kennedy Funding has established itself as a key player in the private lending space, specializing in bridge loans for commercial properties and land acquisitions. With over $4 billion closed in loans, they provide innovative financing solutions that bridge gaps where conventional financial institutions often fall short. Their commitment to fostering developments that align with market needs aligns perfectly with their mission—to support initiatives that lead to sustainable and prosperous communities.
For further information regarding Kennedy Funding and their offerings, readers may visit their official website at www.KennedyFunding.com.
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