Kennedy Funding has closed a $3 million loan for property development in Brazil, media reports said. It is a leading money lender specialising in bridge loans for commercial property and land acquisitions.
It is reported that the company has more than $3 billion in loan closings. The company is known for its profound knowledge and expertise in the real estate market, with a strong presence in the US. In fact, it closed a $1.5 million loan to a healthcare facility in Detroit at a time when Covid-19 became widespread.
The country’s real estate market is well developed and has an organised property registration system. Under the Brazilian law, any foreign citizen is allowed to urban property in the country.
Kevin Wolfer, CEO and president, Kennedy Funding, said in a statement, “It’s virtually unheard of to close a land loan abroad, let alone one in a region as complicated and fragile as Brazil. It may have appeared on paper that we had all factors working against us, but thanks to our experience in South America’s real estate market, we were able to close and get the borrower the funding necessary to start construction. Conventional lenders only look at liquid assets when making a loan, but we look beyond the current value of the land. We can review the borrower’s plans and follow a property’s trajectory from raw land to a fully built and successful development.”