Kennedy Funding has been in the commercial real estate financing industry for many years and as such there are several feedbacks and complains. Some clients have testified to Funding ways that have worked for them while others have said they encountered expensive fee charges; inadequate clarity and some negative loan conditions. Thus, this article will be neutral and present all the information on Kennedy Funding both good and the bad so that any client willing to hire their services will get well informed.
Understanding Kennedy Funding: Who Are They?
Kennedy Funding Company is an American private funding company that provides asset-based funding and mainly business real estate. Established in 1984, Kennedy Funding has developed a reputation for offering loans to unconventional situations, including land acquisition, construction ventures, and overseas ventures, for credit-challenged borrowers or if the type of property and its location cannot be underwritten by mainstream banking institutions.
Their reputation comprises of fast funding and ability to allow customization of loan terms which has drawn approbation as well as clamour from clients.
Kennedy Funding’s typical loan services are as follows:
Bridge Loans: Discover how small and short term loans can assist with alleviating those temporary cash shortages.
Construction Loans: Finance of scores of other commercial construction projects
Land Loans: Purchase of land for commercial, residential, and industrial use finances both locally and abroad
Refinancing Loans: Possible ways to loans to replenish which exist to purchase real estate Property Descriptor
Some of the possibility ways to perform refinancing with existing debt secured by real estate:
Still, these services can be useful for clients in need of fast capital Some important moments to look at the client feedback before the decision.
The Kennedy Funding Ripoff Report: Common Complaints
Kennedy Funding has been involved in several successful transactions and yet some clients reportedly feel that they were exploited. Below is a brief of the main grievances that have been made.
1. High Upfront Fees
The first issue of concern to most clients is the so called upfront fees charged by Kennedy Funding. Many a clients report to have paid hefty fees during this early stage only to be turned down for a loan or offered terms, they deemed unfavorable. Some borrowers therefore felt like they were sold a dream of funding that was never going to happen, and having to pay for services they never received.
2. Transparency Issues
Two common concerns are that there are no clear criteria for determining whether an applicant will be admitted or rejected. customers state that information on the loan and its costs are only disclosed at the final stage. In some instances borrowers state they were compelled to go forward after some conditions had been altered, generally leaving them unsatisfied with the whole loan process.
3. Lengthy Approval Process
This New Jersey-based company is popular for branding itself as a company that funds quick, but some of the clients describe the process as lengthy. On the plus side, the company has recently started approaching clients with more flexible terms and faster closings for some clients, notwithstanding, for others an attached timeline can be extremely annoying especially when one needs capital urgently and was hoping for a quick turnaround.
4. High-Interest Rates
Like many other private lenders, Kennedy Funding has higher interest rates than the average bank. However, this is quite expected from hard money lending firms, and while some of the clients believe that the rates given by Kennedy Funding are too high, there is pressure to make a deal.
5. Unsuccessful Funding
Some of the clients have complained of being charged application fees and going through the process and being turned down for credit even when they were told that they would be granted a loan. Though every loan decision depends on many factors, such an inconsistency has led to a lot of borrowers feeling that they were offered loan based on a wrong information.
Great Compliments and Advantages of Kennedy Funding
Therefore do not conclude that all that has been reported on Kennedy Funding is negative as most clients have been served well. Here are some of the East African countries borrowers often claimed to have gained these benefits.
1. Flexible Lending Criteria
Another factor is Kennedy Funding comparatively to traditional banks has been known for its flexibility. This makes it a preferable option to borrowers with peculiar requirements on their property or with a low credit rating and have been rejected by other financial institutions. The financing services provided by the company are on international projects, raw lands and other usually unfindable projects.
2. Lighting Quick Method for Eligible Customer
Though some clients complained over delayed issues, there are those who received funds from Kennedy Funding with ease as appreciated below. For those that qualify with the company and get approvals the funding process can actually be quicker than going through a normal bank.
3. Readiness by the public to support a project that breaks the norm.
It may be noted that Kennedy Funding has been involved in funding many out-of-box proposals right from International Real Estate Space to Unimproved Land. Any borrower requiring financing beyond the conventional offerings can benefit from Kennedy Funding’s acceptance of unconventional projects.
4. Responsive Customer Service
There have been testimonies by some clients who have been served by Kennedy Funding’S customer service, especially those who got funded. The team is seldom accused of being uncommunicative or slow to progress things and in fact the clients are usually actively engaged in the progress as well.
Guidelines for Samaritan Borrowers
If you’re considering working with Kennedy Funding or a similar private lender, here are a few tips to ensure a smoother process and minimize potential issues:
Understand All Fees Upfront: The major disadvantages of borrowing from private lenders are that the rate is generally higher than with more conventional banks. Let the financial success be transparent telling the service provider that you would like to know all the services that need fees and how much they are.
Read the Fine Print: Beware of loan terms and conditions. Of course, check when am I bound to make repayments? Of course, certain loans are offered with prepayment penalties, and other extra-interest rates that make it hard to repay back the taken sum.
Confirm Loan Approval Likelihood: Don’t give the high fees unless you are pretty sure that the approval will be granted. The conclusion is that before you financially commit, ask specific questions about how likely it is that you will qualify.
Check for Alternatives: While there is a need for private lenders for specific groups of customers, it is better to turn to conventional sources if a chance arises. You may find a bank or credit union which would give you even smaller interest rate and fewer charges.
Be Clear About Your Project Needs: Be clear as possible to Kennedy Funding’s people so that you can get the right estimate regarding the project. It is better to be honest about your requirements when it comes to buying or selling something so that that there will be no confusion and the probability of a successful sale will be achieved.
FAQs
Q1: Is Kennedy Funding a real loan company?
A: Yes, Kennedy Funding is a real company which is active in the sphere of financing now and has been working for more than thirty years. However, as with most private lenders, they may not work in the same way as most conventional banks, which means you may find some positive and some negative things said about them.
Q2: Is it OK that Kennedy Funding charges this kind of fees?
A: Compared to others in private lending, Kennedy Funding’s fees are reasonable, but some borrowers find them high especially for rejected loans. The fees may differ, so, there is need to know the overall charges required to be paid before being served.
Q3: Do international project funding options expire for Kennedy Funding?
A: Yes, it is common for Kennedy Funding to finance different, especially global and non-standard projects, which is great.
Q4: Has the Kennedy Funding been able to close a loan in a relatively short space of time?
A: The timeline depends with the type of project to be offered and most importantly qualification of the intended borrower. Even though, they claim to close fast, not all their clients can attest to fast closings.
Q5: Is the interest rate of Kennedy Funding high?
A: Yes, many private and hard money lenders charge higher interest rates because they take more or bigger risks to fund clients with low credit scores or little to no collateral.
Conclusion
Actually, Kennedy Funding is a private funding company, which provides the clients with different kinds of an opportunity to borrow the money, with which they won’t be able to get a credit in banks. Nonetheless, as evidenced by the key strategies analyzed in this work, the company has been able to fund many projects effectively It is crucial to be mindful of the associated risks that include high upfront charges, lack of clear disclosure, interest rates. The key to decision making is to consider the potential benefits and drawbacks and based on that evaluate whether Kennedy Funding is the correct solution for you.
