Kennedy Funding Completes Major Land Loan in Canada's Almaguin Highlands

Kennedy Funding, a private lender hailing from New Jersey, has announced the successful closure of a $1.883 million loan dedicated to Axe Lake Resort Inc., based in Ontario, Canada. Remarkably, this transaction marks the second loan Kennedy Funding has finalized in just one week, demonstrating their robust stance in the ever-competitive lending landscape.

The capital acquired through this loan will facilitate the purchase of approximately 124.74 acres of undeveloped land, partitioned into two parcels located in McMurrich/Monteith Township—an area renowned for its natural beauty in northern Ontario's Almaguin Highlands. This region is becoming increasingly popular, offering numerous outdoor recreational opportunities, attracting visitors for activities such as hunting, snowmobiling, hiking, and boating.

Currently, a resort is underway in the Axe Lake community, and one of the land parcels, spanning 74.74 acres, will support phase three of this development, comprising a proposed subdivision set to feature 21 single-family homes. The remaining 50 acres are earmarked for phase six of the overall project, showcasing the expansion plans for the resort.

Kevin Wolfer, President and CEO of Kennedy Funding, emphasized the significance of completing two loans within such a short timeframe, especially considering the complexities associated with lending outside the United States. He highlighted, “Closing challenging loans is nothing new for Kennedy Funding, but completing two loans in one week is particularly noteworthy and demonstrates our commitment to supporting our borrowers.”

Moreover, Edwin Urrego, an Executive Loan Officer at Kennedy Funding, praised the firm’s extensive experience in both raw land acquisitions and international transactions. He pointed out that these factors often disqualify similar deals from consideration by most U.S.-based financial institutions. Kennedy Funding has established a reputation for successfully funding projects that other lenders might deem too risky, having operated across regions like South America, Europe, and various Caribbean nations, alongside their present Canadian endeavors.

The picturesque township of McMurrich/Monteith, hosting a population of fewer than 1,000 residents, sits about 3.5 hours north of Toronto and features Axe Lake as a prime destination for warm-water fishing enthusiasts, further enhancing the site's appeal for potential visitors and homeowners.

Urrego also underlined the prospective economic benefits anticipated from this new development, stating, “The ongoing efforts to enhance the area could stimulate tourism and foster job creation, aligning perfectly with Ontario's evolving economic landscape.” As an encouraging sign of positive growth, Ontario has been attracting significant investments, notably Honda's recent announcement of a $15 billion investment directed toward building electric vehicle factories, forecasted to create at least 1,000 jobs in the region.

Despite the challenging economic backdrop of recent years in Canada, the demand for housing in Ontario is projected to persist due to favorable demographic trends. The movement towards residential and vacation properties is expected to accelerate as new developments like Axe Lake Resort emerge into the market in 2025 and beyond, turning such locations into valuable assets.

As Kennedy Funding continues to thrive in challenging markets, they aim to maintain this momentum by evaluating the potential of deals comprehensively and advocating for their clients’ visions, particularly in raw land financing.

For more information about Kennedy Funding, visit KennedyFunding.com

Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition. The company has successfully closed over $4 billion in loans, assisting clients with a range of financing needs up to $50 million in as little as five days.