#United States #Kennedy Funding #Kennebunk #Housing Demand

Kennedy Funding Secures $1.633 Million Loan for Residential Development in Kennebunk, Maine

Kennebunk, Maine, has been witnessing a remarkable surge in housing demand, prompting Kennedy Funding, a private direct lender, to step in and provide essential financing for new residential development. Recently, the company announced the successful closing of a loan amounting to $1.633 million, intended for the acquisition of a considerable 17-acre tract of undeveloped land located at 274 Alewive Road. This land purchase will cost the borrower $1.2 million while the remaining balance will be allocated for working capital.

The loan is facilitated for Abode Communities Kennebunk, LLC, which has plans to construct 13 single-family homes adjacent to a mobile home park, designed to offer over 50 residential units. With the housing market in southern Maine rapidly increasing, this development is expected to significantly benefit individuals and families seeking to relocate to the Kennebunk area.

Addressing a Growing Need

Kevin Wolfer, the CEO of Kennedy Funding, emphasized the urgency in the housing market, stating, "Housing demand on Maine's South Coast is outpacing supply, and that's exactly where we step in." The need for new residential projects is becoming more apparent, as many potential residents are looking to move to this picturesque coastal town.

The speed of the transaction was also crucial for the borrower, who desired a fast closing, ideally within 30 to 45 days. Many traditional lenders are unable to accommodate such tight timelines, making Kennedy Funding a preferred choice. The ability to close loans quickly—sometimes in as little as five days—has established Kennedy as a leader in the commercial real estate financing sector.

The Kennedy Funding Advantage

According to Jared Levitt, a loan officer at Kennedy Funding, their approach to lending is notably different from traditional banks. "We focus immediately on key elements such as a clean title and a current appraisal rather than getting bogged down in minor details that can delay the closing process," Levitt explained. This efficiency is particularly vital in a market where speed can determine the success of a project.

One of the hallmarks of Kennedy Funding’s lending philosophy is their flexibility; unlike traditional lenders which impose strict criteria, Kennedy is willing to consider a broader array of opportunities. Levitt remarked that traditional lenders often shy away from developing land, but Kennedy Funding embraces such prospects. This adaptability allows them to work closely with borrowers and align with their vision for the project.

Kennebunk's Economic Growth

Nestled in York County, Kennebunk is strategically located just 30 minutes south of Portland, Maine's largest city, and is within close proximity to famous beaches in Kennebunkport and the bustling cities of Biddeford and Saco. With Maine enjoying the fastest economic growth in the New England region—an impressive 4.4% increase in 2024—many are flocking to the area for its vibrant job market and stunning natural beauty.

As Wolfer notes, the influx of new residents translates to an increased demand for housing. "More people are coming to Maine for work or to enjoy this state's beautiful nature, which means that housing will continue to be a hot commodity," he remarks. Projects such as the one spearheaded by Abode Communities will not only bolster the local economy but also enrich the community fabric of the area.

Kennedy Funding’s commitment to understanding economic factors while ensuring a swift funding process is integral to helping borrowers realize their visions, making a measurable impact on communities. For more information on Kennedy Funding’s services, visit www.kennedyfunding.com.

About Kennedy Funding

Kennedy Funding is a distinguished global direct private lender, renowned for its specialization in bridge loans for a variety of scenarios, including commercial property acquisitions, land development, and more. The company has successfully closed loans exceeding $4 billion and offers competitive funding options ranging from $1 million to over $50 million with turnaround times as brief as five days. Their profound industry expertise extends across the United States and various international markets including Europe, the Caribbean, and beyond.