Kennedy Funding Secures $2.1 Million for Forsyth County Residential Project

In a significant move within the real estate financing sector, Kennedy Funding has successfully closed a $2.1 million loan for an 18-lot subdivision located in Forsyth County, Georgia. This prominent deal was orchestrated by Edwin Urrego, an executive loan officer well-versed in the complexities of land loans.

Developers and investors nationwide frequently rely on Kennedy Funding for their financing needs, especially for land transactions that encompass a variety of objectives, from acquisitions to cash-out refinances. The recent transaction in Forsyth County highlights the company's capability to provide essential funding that helps unlock capital tied up in real estate developments.

The borrower, who initially purchased the land for $2,770,000 in May 2024, sought a cash-out refinance loan to access the equity embedded in their property. This refinancing effort aligns with the ongoing demand for residential developments in the area. Located at 3550 Alexander Circle in Cumming, the land in question is part of the larger Suwanee Preserve subdivision. The infrastructure for the subdivision has already been completed, laying a solid foundation for further residential construction.

Urrego emphasized the benefits of the pre-existing infrastructure, stating, "This was an ideal situation where the borrower had already completed the heavy lifting. The lots were fully subdivided, infrastructure was in place, and the property is situated in one of the fastest-growing residential corridors around Atlanta. By focusing on the real estate itself, we were able to structure a loan that allowed the borrower to access equity and continue moving the project forward."

The Suwanee Preserve development covers approximately 18.8 acres and consists of residential lots that range from 0.5 to 0.63 acres. With critical utilities, road access, and development infrastructure already established, the project is strategically positioned to meet the increasing demand for housing driven by the growth of the greater Atlanta metropolitan region.

Kevin Wolfer, President and CEO of Kennedy Funding, remarked on how this transaction underscores the firm’s ability to offer flexible financing solutions for land and development projects that often fall outside conventional lending practices. "Traditional lenders frequently hesitate when it comes to land or partially completed developments," he noted. "However, when the fundamentals are strong — including a prime location, completed infrastructure, and well-defined development plans — we can act swiftly to deliver the capital needed by borrowers."

The successful completion of this deal also illustrates the importance of internal coordination among Kennedy Funding's various teams, facilitating the closing of complex land transactions.

Vin Saini from CRE Operations expressed gratitude for the teamwork involved, stating, "This was truly a team effort, and I'm grateful to have worked alongside such a committed and professional group."

Kennedy Funding has built a strong reputation as a global direct private lender, focusing on bridge loans for commercial property and land acquisition, as well as for developments, workouts, bankruptcies, and foreclosures. With over $4 billion in loans closed to date, the company is known for its creative financing solutions, which support funding up to 75% loan-to-value ratios, serving needs from $1 million to upwards of $50 million within a short timeframe.

Above all, Kennedy Funding’s expertise continues to shine in the realm of real estate finance, satisfying the growing demand for innovative funding solutions, particularly in busy housing markets like Georgia’s Forsyth County.