Kennedy Funding Closes $1.6 Million Land Loan for Idaho Falls Farm
Jersey Desk/10315334

ENGLEWOOD, N.J. - JerseyDesk -- The New Jersey-based direct private lender recently closed a $1.6 million land loan to Diamond J Farms LLC, for farmland located near the Idaho/Wyoming border. Loan proceeds will be used for debt payoff and working capital for the property, which was purchased by Diamond J Farms in 1984.

The undeveloped agricultural property, located at 9391 North 35 West, is composed of three separate parcels totaling 159 acres. The land is valued at $3.2 million. Its proximity to I-15, U.S. Route 20, and U.S. Route 91 provides convenient access for transporting agricultural products throughout the region.

"We have been farming for five generations," says Steve Jensen, principal of Diamond Farms. "We have built quite a reputation. We grow Idaho potatoes, barley for Anheuser-Busch, and wheat for General Mills, among others."

According to Mark Falzone, senior loan officer at Kennedy Funding, there were some challenging collateral issues -— the loan was secured by a cabin and a farm, and not all lenders allow a loan to be secured by multiple properties.

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"Kennedy Funding has earned an enviable reputation for its ability to overcome obstacles. We work tirelessly to ensure a successful loan closing," Falzone said.

Kennedy Funding's track record for quickly closing challenging deals goes back decades. The firm has closed more than $4 billion in loans since its founding in 1987, leaning on an ethos that looks for ways to approve borrowers instead of turning them away.

"As a direct private lender, we have the resources, ability, and expertise to secure funding in the most challenging of circumstances, whether it's because a property is raw land, the borrower has a less-than-stellar credit history, or the deal is outside the U.S.," said Kevin Wolfer, president and CEO, Kennedy Funding. "We step in when traditional lenders won't even entertain the notion of an application."

Instead of forcing borrowers to undergo a lengthy application process or following a set of arbitrary, inflexible guidelines, Kennedy Funding instead focuses on three essential documents: a clean title, a recent appraisal, and a clean environmental report.

For more information or to discuss funding solutions, visit www.kennedyfunding.com.