Inglewood base kennedy fundraising On Thursday, it announced that it had signed another contract abroad, this time in Lima, Peru.
A direct private lender helped Concreto Design Studio SAC secure a $3.65 million land loan. This loan will be used to finance the construction of his 22-story apartment on 27 acres of land in the city.
According to Kevin Wolfer, CEO of Kennedy Funding, obtaining loans outside the United States, especially land loans, can be challenging, but Kennedy Funding has the track record and international expertise necessary to successfully complete a transaction in South America. Both have an extensive relationship.
“Doing business in countries other than Peru and the United States requires working with experienced lenders who understand the political climate, property markets and laws related to real estate transactions,” said Wolfer. . “Only these professionals know how to comply with the maze of local laws and paperwork regarding real estate, the environment, land use and ownership.”
Wolfer added that deals can be more complicated when land is involved, as raw land is inherently viewed by most lenders as risky.
“Accurate assessments outside the United States are especially important to do it the right way,” added Wolfer. “We are working with large and respected global real estate firms such as CBRE, Colliers, Newmark and other local experts to ensure that we are able to provide our borrowers with the largest possible loan on the property. are properly evaluated.”
President Francisco Piera Alpha financing and investmenta Miami-based advisory firm representing Argentinian borrowers said the developer had been seeking funding for years.
“They had three or four offers from other lenders, but I knew only Kennedy could close,” Piera added. “Other lenders also had higher interest rates than Kennedy’s. Loans from Kennedy are much cheaper than having a partner, and less headaches.”
Lima is one of the most populous cities in the Americas and the political, financial and cultural center of Peru. It lies in the desert region that makes up most of the west coast of South America and directly faces the Pacific Ocean. With a population of over 11 million and growing in recent years, the demand for housing is increasing.
The closing of this loan follows the closing of previous Kennedy funding of a $2.5 million loan intended for use in mountainous Peruvian inland cities. The company has an international reputation for closing loans that other US-based financial institutions often don’t consider at all. The company has closed deals in international territories such as Brazil, Colombia, Belize, Bahamas, Cozumel, Jamaica, St. He Baht, and the Dominican Republic.
“We are proud to have completed another loan in Peru,” Wolfer said. “We have received loan requests from all over South America and are one of the few lenders able to complete them. We always continue to fill that gap in the market.”