Recent Golf Course Loans

George Wight of Wight Development Group owned several tracts of land in the city of Lake Geneva, Wisconsin, a popular resort area. The various tracts totaled 226 acres of gently rolling meadows and forest, and included the Hilmoor Golf Course. And Wight had a plan that would eventually culminate in Lake Geneva's next great resort destination.

Wight wanted to subdivide the property, setting aside a 5-acre parcel for commercial purposes, and redeveloping the remaining land into a breathtaking, exclusive residential golf community. As he envisioned it, the community would cluster around a new, completely redesigned and rebuilt Lohman golf course with a new, 10,000 square foot clubhouse that included a pro shop and restaurant. The community would also include a 100-room Hyatt hotel with banquet facilities, and 277 residential units, consisting of 139 single-family homes, 56 townhomes, and 82 condominiums.

It was an attractive plan, and all Wight needed was a loan to make it a reality, with his 226 acres as collateral. That wasn't all, however. He also wanted to buy out some of his partners, and for that, he would need a bit more funding. Without question, he required a sizeable loan, plus he needed it quickly to satisfy those partners. And he soon discovered that lenders weren't exactly fighting each other for the privilege of helping him. It was a good thing, then, that he also discovered Kennedy Funding.

Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the largest direct private lenders in the industry. They attained that position by offering two commodities that are quite rare in the traditional lending arena -- speed and flexibility. So adept are they at delivering these attributes, that they can close multimillion-dollar loans in just days instead of weeks or months. And complications that would cause other lenders to dismiss the loan, leaving borrowers frustrated, only make Kennedy work harder, knowing that they have the expertise and experience to solve virtually any dilemma.

Kennedy President and Co-CEO Jeffrey Wolfer sums it up. "We've always been about speed and solving problems," he said. "Traditional lenders such as banks and credit unions are never in a hurry to close loans, especially if they spot what they consider an 'irregularity.' Why? They don't have to be. They know they'll always have a steady clientele, regardless of how they treat their clients. By contrast, we got started by offering a sensible, creative alternative to the stifling policies of the industry. At Kennedy, we can make the loan happen if it's at all possible. And one thing we never do is keep our clients waiting. George's loan was a case in point. There were a few issues to be dealt with, such as his partner buyout, but they weren't anything we hadn't encountered before, and we were able to get him his loan in a more than adequate time frame - even when no one else could ... or would."

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 12% and three points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request.

While specializing in commercial real estate bridge loans, Kennedy's flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

Kennedy Funding Loans $2.1 Million to Florida Developer for Purchase of Championship Golf Course & Country Club

Picture a golf course in Plant City, Hillsborough County, Florida. It's not just a golf course, but a 400-acre tract consisting of a clubhouse with restaurant and full-service kitchen, meeting rooms, pro shop and offices, six outside fully lit tennis courts, an Olympic-sized outdoor pool, fitness center, and two 18-hole, 72-par golf courses designed by Ron Garl. It's even rumored that the championship courses were actually designed (although not signed) by the legendary Jack Nicklaus. The two courses, the 6,530-yard Lakes Course, and the 6,561-yard Hill Course are interlaced among the Walden Lake residential subdivision consisting of more than a dozen neighborhoods. All in all, it's an idyllic setting. There's even a potential for a hotel to go up next to the clubhouse, which could further add to the property's value and income-producing ability. Small wonder that Steve Mercer of Vision Golf, LLC wanted to buy it.

In order to do that, he needed a loan. He was offering the property as
collateral, and didn't foresee any great difficulty, and he wanted to close
as quickly as possible. But when he couldn't find the needed loan after
several attempts, he was faced with the possibility of having to revise his
timeline. It's a good thing he discovered Kennedy Funding, because this is
the kind of deal that's right up Kennedy's alley.

Kennedy Funding is a direct private lender headquartered in Hackensack,
New Jersey specializing in unconventional financing where speed and
attention to special circumstances are critical. And this unique lending
program has made them one of the largest, most successful lenders in the
country -- as Steve Mercer fortunately found out. "I'm glad we found them," said Mercer. "This deal was complex, involving a large, irregularly shaped piece of land, and there were, frankly, some problems. We had a few hiccups on our end. But Jeff and his staff worked through everything, and ended up finalizing the deal extraordinarily quickly. In fact, my advisor told me that deals like this normally take three to six months to close, and Kennedy closed in about five weeks."

$1.2 Million from Kennedy Funding Helps Make West Hills Golf Course a Driving Force in New Brunswick, Canada

The city of Fredericton in New Brunswick, Canada seemed the perfect place to build a golf course. Ken Marshall and Dave Loten, of Rebel Ridge Golf Club, Ltd., noted that while Fredericton enjoyed a golf season of only about six months, the sport was very popular in the area, with rounds at existing courses unusually high. In fact, the well-established Fredericton Golf Club and The Lynx at nearby Kingswood were both doing at least 25,000 rounds a year, with green fees set at $45 plus power cart, while full club memberships were in the $1,600 range.

So when Hill Bros. Realty & Investments, Ltd. decided to sell a 181-acre tract of land designated for a golf course which they themselves decided not to build, Rebel Ridge leapt at the opportunity. They were able to come up with approximately 65% of the construction costs, utilizing money allocated by Hill Bros. Realty, as well as funds generated from the sale of memberships.

This was encouraging, but it still left Rebel Ridge about 25% short of their goal. And no lender on the horizon seemed anxious to help them out – until they met with Kennedy Funding.

Kennedy Funding, a direct private lender in Hackensack, New Jersey, provided Rebel Ridge with the short fall amount they needed, in the form of a five-year, interest-only loan. “We saw the potential in this project,” said Jeff Wolfer, president of Kennedy. “That’s why we made sure Rebel Ridge got the terms they needed to make this project succeed.”



Country Club with Golf Course Coming to Maine with Help of $3.4 Million Loan From Kennedy Funding

A land parcel of more than 360 acres in Wells, Maine, is about to get a new life, with the help of a bridge loan in the amount of $3,468,000 from Kennedy Funding, a direct private lender based in Hackensack, NJ. Just a few miles from Kennebunkport, where the first President Bush has a beach house, the land is now slated for extensive, high-end development.

The Burnt Mill Country Club and golf course and Burnt Mill Estates residential community have all their necessary approvals in place, but construction has been stalled by the inability to secure funds through traditional sources. The banks were reluctant to lend without further progress, and investor funding was necessary to continue the project. Kennedy Funding's loan commitment of nearly $3.5 million will allow the borrower to complete the infrastructure and build out the golf course, club house, and residences as planned.

The Burnt Mill Country Club will feature an 18-hole, 7,200 yard championship course, only the second such course created by the design team of PGA Tour Player Brad Faxon and golf architect Brad Booth. It will also sport a 9-hole par 3 short course, a practice range, and a 12,000 sq. ft. clubhouse. Residential condominiums will flank the course in neighborhoods that constitute the Burnt Mill Estates, comprising a total of 85 units. These homes will range from single family lots to duplex lots and townhouses. Considering that the terrain is typically rural, full of dense woods, rolling hills, rock outcroppings and meadows, the scenic quality of the land should accentuate its natural beauty, appealing to golfer and non-golfer alike. The former President Bush has already expressed interest in membership at the country club.

Richard and Melodee James are the owners of Burnt Mill Development, LLC, which is being built on land that has been in the James family for more than 100 years. Kennedy Funding entered the picture on the advice of George Marderosian, Burnt Mills' financial advisor, who is helping guide the project to fruition. "The banks wanted to see more equity in the project," explained Melodee James. "And we wanted to continue building — the infrastructure for the golf course was in place, but the financial support was not. George brought us to Kennedy and now we are really ready to move ahead."

Jeffrey Wolfer, president of Kennedy Funding, felt the property had a great deal of intrinsic value. "The lush rural location of the land means that this development, or a variation of it, would be a good choice for developing its potential. With final approval already in place for land use, we applied our evaluation process and quickly came up with a loan agreement."

Adds Kevin Wolfer, a Kennedy Funding partner, "We are pleased to be part of a project that will bring a world-class golf course and some fine estate residences to the natural beauty of southern Maine."

Kennedy Funding offers loans to an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen. They have the resources to provide loans of $1 million to $100 million, making loan commitments in as little as 24 hours, and closing quickly, often in just 2 weeks.

While specializing in commercial real estate loans, Kennedy Funding has expanded its scope of lending to include a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

Kennedy Funding's golf strategy is under par - Senior Tour Players Development Inc. financed to buy Family Golf Centers Inc. golf courses

When 70 golf courses of its competitor, Family Golf Center, went up for auction, Senior Tour Players, Inc. needed fast access to funding in order to bid on as many properties as possible. Kennedy Funding, a direct private lender based in Hackensack, N.J., turned around an $18 million loan commitment in just two days.

"By turning around an $18 million loan commitment in less than 48 hours, Kennedy Funding enabled us to go into the auction ready to bid on as many viable properties as possible," says Stanton V. Abrams, president and CEO of Senior Tour Players, Inc. "This was an unprecedented opportunity to expand our presence in the golf course market."

Backed by Kennedy's loan commitment, Senior Tour Players, Inc. won bids on eight of the 70 properties sold off at the bankruptcy auction. Sales of the assets of Family Golf Center, once considered the leading operator of full-service golf centers in the country, yielded $100 million.

Due to the growing number of retirees, interest in corporate golf, and the game's appeal to a broad age range, demand for golf courses is greater than ever. Low turnover in club and course memberships and under-served areas are additional factors in the increased demand for courses. In Massachusetts alone, Senior Tour Players' home state, no fewer than nine private courses have been launched since 1998. The Massachusetts Golf Association projects between 28 and 34 private and public golf courses being built before 2002.