Among those in the know, Laughlin, Nevada is seen as becoming as big a phenomenon as Las Vegas itself. It's only a matter of time -- and development. Which is why Vincent Hesser of OneCap Partners 2, LLC wished to purchase two prime future development parcels totaling 78.02 acres along the Colorado River there. The intention is to land bank the property and eventually sell to an interested developer. The land lies at the southern end of Laughlin's 'strip', where the majority of the casinos are located, including the famous Harrah's resort complex, the latest one to be built.

All in all, it was a good plan, with an eye towards the future. Now all Hesser needed was for someone to make him a loan, with the raw land as collateral. Unfortunately, no lender was willing to move within the time frame necessary to make the loan.

In a fortuitous stroke of luck, however, Hesser was introduced to Kennedy Funding, a direct private lender based in Hackensack, New Jersey, that specializes in unconventional financing where speed and attention to special circumstances are critical. In particular, Kennedy welcomes raw land loans, as they are able to see the client's vision and its worth, and identify with it. As a result, Kennedy closed a $12 million loan with OneCap Partners 2 in just six days, and Vincent Hesser is now free to pursue his project.

Said Jeffrey Wolfer, President and co-CEO of Kennedy Funding, "Contrary to most traditional lenders, we actually like raw land deals. We probably do more than anyone, and we do them quickly, with a minimum of delay. And OneCap's was a good one. Laughlin has been a popular alternative to Las Vegas for more than thirty years, with casino hotels lining the Colorado River along Casino Drive. The river is alive with recreational activity, and the area has developed into a popular RV destination."

Shawn King of OneCap was just as enthusiastic. "Working with Jeff was great," he said. "He was eager to put himself in our shoes and see our side of the deal, and to work with us to get it done as quickly as possible."

Kennedy Funding is at the forefront of making smart, effective business decisions. Their streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as five days, and often in no more than two weeks. With a deep source of funds at their disposal, available loans range from $1 million to $100 million and more when the need is there. Part of their uniqueness comes from a policy based on flexibility, as witnessed by their willingness to accept raw land as collateral, and to fund developments in Mexico, Europe, even exotic locations such as the Fiji Islands. While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf course, amusement parks, TV and radio stations, airlines, and sports complexes, among others. Professionals including land use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy funding to great success. They can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

http://www.kennedyfunding.com

Source: prnewswire