Kennedy Funding Successfully Closes $3 Million Refinance Loan in Rural Washington State

Kennedy Funding Closes $3 Million Cash-Out Refinance Loan in Rural Washington State

Kennedy Funding, a prominent name in direct private lending, has successfully closed a challenging $3 million cash-out refinance loan for a foreign national borrower in rural Washington State. Known for its ability to facilitate loans in complicated situations, the company continues to make its mark in the lending landscape, particularly when traditional avenues are unavailable.

Navigating Complexities in Lending

The loan's proceeds are earmarked for settling debts associated with a cold storage facility currently under construction in Lynden, Washington. This semi-rural locality, positioned near the Canadian border, poses unique challenges for financing, especially when foreign nationals seek assistance. According to Steve Rogovich, senior loan officer at Kennedy Funding, conventional bank lenders often shy away from such cases, citing them as high risk.

Greg Satterfield, partner at Crux Commercial Partners and the broker facilitating the deal, highlighted the hurdles encountered. He noted, "Nobody except Kennedy Funding could undertake this loan," emphasizing their timely intervention and flexibility in addressing the borrower's needs, including adjustments on loan-to-value (LTV) ratios.

Challenges Encountered

The project was ripe with complications; issues concerning partnerships and a mechanic’s lien against the property presented significant roadblocks. Given the borrower is a Chinese national, traditional financial institutions were hesitant to assess the loan favorably. The unique nature of the land loan, compounded by these predicaments, led many lenders to categorize it as untouchable.

Despite these considerable challenges, Rogovich, who has been with Kennedy since its inception, felt prepared to tackle the hurdles. His decades-long experience in the industry enabled him to evaluate and strategize effectively, turning roadblocks into opportunities. "Every deal prepares you for something even more intricate and challenging," he stated, underlining the invaluable insight gained through years of facilitating such loans.

Building the Future in Lynden

The property in question spans 18.47 acres and comprises three parcels located at 675 Redwood Road in Lynden. Situated only eight miles off Interstate 5 and 15 miles from downtown Bellingham, this industrial site is set to host a cold storage facility measuring 188,200 square feet. With the infrastructure already laid and a foundation poured, the path to construction appears promising.

In recent years, Lynden has been showing a commitment to its agricultural roots, signaling a wave of growth opportunities for its community. It aims to invest heavily in agricultural operations and infrastructure, demonstrating foresight in land utilization and production capacity. Rogovich foresees that the establishment of the cold storage facility will provide essential services to local agricultural businesses, facilitating growth in sectors such as dairy farming and berry cultivation.

Kennedy Funding's Commitment

Kevin Wolfer, CEO of Kennedy Funding, reiterated the firm’s dedication to handling intricate lending situations: "Over more than 30 years, Kennedy Funding has built an international reputation for tackling the most difficult deals." With a global presence, Kennedy Funding has become synonymous with creative financing solutions that cater to diverse borrower needs.

For potential borrowers in need of versatile financing solutions, Kennedy Funding offers loans ranging from $1 million to $50 million with up to a 75% LTV ratio. Their adeptness in addressing complex financing needs continues to set them apart in the industry, garnering respect and reliance from brokers and borrowers alike.

To find out more about their offerings, visit Kennedy Funding's official website.

Through innovative strategies and a commitment to customer service, Kennedy Funding exemplifies the potential for success even in the most challenging lending environments.