Kennedy Funding Closes Challenging $3 Million Cash-Out Refinance Loan in Rural Washington State
Washingtoner/10309806

LYNDEN, Wash. - Washingtoner -- Kennedy Funding is known internationally for its ability to close loans, even when — and especially when — the pathway forward isn't clear. With the recent $3 million closing of a cash-out refinance loan to a foreign national borrower, the New Jersey-based direct private lender proved once again that they have the experience to close amid incredibly challenging circumstances.

Loan proceeds will be used for debt payoff on a cold storage facility currently under construction in Lynden, Washington, a small semi-rural town close to the Canadian border. According to Steve Rogovich, senior loan officer at Kennedy Funding, the borrower's multiple complications made it impossible to secure a loan from a bank or other traditional lender.

"Nobody except Kennedy Funding could do this loan," said Greg Satterfield, partner with Crux Commercial Partners and the broker on the deal. "Their timing was perfect, and the team was very accommodating by granting extensions and raising the LTV from the initial appraisal reports. That helped us get across the finish line."

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Partnership issues and a mechanic's lien against the property were just the start of the considerations Rogovich contended with as he worked on the deal.

"The borrower is from China, and traditional lenders automatically consider foreign nationals to be higher risk and too logistically difficult to service," Rogovich said. "This deal was also a land loan, which by itself is a non-starter for banks. Combine these two challenges with the lien and partnership issues, and it was clear why other lenders regarded this as an untouchable opportunity."

However, those challenges didn't deter Rogovich and Kennedy Funding. Rogovich, who has been a part of the firm since its inception, said that decades of closing nontraditional loans prepared him to meet the moment, no matter how insurmountable it looked on paper.

"Over more than 30 years in business, Kennedy Funding has built an international reputation for embracing the most difficult deals," said Kennedy Funding CEO Kevin Wolfer. "Brokers and potential borrowers from all over the world know our track record, and most importantly, know to call us when it feels like the task is impossible to meet."

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The property is an 18.47-acre industrial site comprised of three separate parcels of land located at 675 Redwood Road in Lynden. The borrower previously purchased the parcels for $4.8 million. Plans are underway to build a 188,200-square-foot cold storage facility on the site, with infrastructure in place and a poured foundation ready for construction.

Kennedy Funding offers loan sizes from $1 million to $50 million at up to 75% LTV ratio. For more information, visit www.KennedyFunding.com.