The land loan to MBrar Investments, LLC, will be used for refinancing and working capital ENGLEWOOD, N.J. , Aug.
8, 2024 /PRNewswire/ -- A $1.28 million loan will help MBrar Investments, LLC get one step closer to building a hotel in a growing residential and tourism area in Washington State . Kennedy Funding, the Englewood, New Jersey -based direct private lender, announced today the closing of a $1.
28 million loan on 17.3 acres of raw land located at 2308 West Broadway Avenue in Moses Lake, Washington . The proceeds will be used for working capital, and to pay off an existing seller note.
The borrower, MBrar Investments, went into contract to purchase the Moses Lake property in 2020 during the COVID-19 global pandemic, completing the purchase in 2021 for $2.85 million . Notably, Kennedy Funding agreed to allow the existing lien holder to subordinate another loan behind the new loan in the amount of $700,000 .
"Kennedy Funding is no stranger when it comes to complex land loans, and we're renowned for our ability to find innovative ways to close deals," said Kevin Wolfer , CEO of Kennedy Funding. "We are uniquely situated to work through challenges and complexities to ensure our clients get the funding they need." "We pride ourselves on getting clients to the closing table, regardless of obstacles," added Edwin Urrego , Executive Loan Officer at Kennedy Funding.
"When a deal has merit, we will find a way to secure funding — a testament to our capabilities and our commitment.