Recently Funded Development Mortgage

Kennedy Funding Financial – A Community Project

Since 1985, Kennedy Funding Financial has been one of the largest direct private lenders in the USA. They help clients achieve their goals by creating specially tailored funding solutions including commercial bridge loans for acquisition, construction, land, development, workouts, bankruptcies and foreclosures.

Their knowledge and resources mean they can close a deal in as little as 5 days for loans from $1 million to over $50 million, with a loan to value ratio of up to 75%. They are experienced internationally, serving clients in the USA, Canada, Europe, the Caribbean and Central & South America.

Unimor Capital Corporation had the pleasure of working directly with Kennedy Funding Financial this year, closing a $7.38 million construction loan for an independent living community in Lakeshore, ON. The four-story retirement home will consist of 126 studio units, one bedroom suites, and assisted living units on three floors with a gross floor area of nearly 122,000 square feet, atop 65 parking stalls. We are proud to be a part of this community endeavor and look forward to working with Kennedy Funding Financial in the future.

Construction & Builder Joint Venture Capital

We have access to private mortgage lenders and private investment companies focused on commercial and industrial lending opportunities for well-located properties and projects in strong Canadian markets. The majority of mortgage transactions are located within established urban centers. However, under the right circumstances, financing may also be provided for commercial opportunities in new emerging growth communities across Canada.

Real Estate Investment Banking

  • Equity & participating investments
  • Joint-venture capital for investment properties
  • Joint-venture financing for builders & developers
  • Mezzanine & subordinated investments
  • Work-out & debt restructuring
  • Distress & performing mortgage investment purchases
  • Construction & development partnerships
  • Equity capital for acquisitions & restructurings

The lenders work with our clients from the conception stage through the details of coordinating and managing the relationships with credit rating agencies, securities counsel, trustees, brokers, clearing houses, securities regulators registration, etc.

Much of the lenders work is with developers and builders. These clients often discover, when attempting to develop a large real estate project, that they lack either sufficient construction capital or experience or a combination of both. Our lenders bring both financing and expertise to these projects, working alongside our clients as long-term partners – often in a joint venture structure – to ensure developments are completed successfully and targeted project profits achieved.

Loan Amount: $5 – $100 million
Credit Score: Reviewed on a case by case basis
Maximum LTV: Up to 95% of cost
Project Types: Residential, Commercial and Condominium
Loan Use: Land Take Out, Land Servicing and Construction
Interest Rate: To be determined
Self-Insured Lending Fee: To be determined
Equity Participation:   10% – 51% depending on risk assessment
Broker Commission: Broker to charge fees directly to their clients
Payment Options: Interest only, deducted from disbursements
Prepayment Conditions: Fully open with 3 month interest penalty
Term:  1 – 3 years
Mortgage Position: 1st position
Appraisal:  Paid by borrower, appraisals are directly ordered by the lender
Legal Fees:  Paid by borrower, must use an approved lawyer
Other conditions: As per commitment and approval for each mortgage

Development Projects

Financing products are available for investor and owner occupied premises offering up to 90% financing. You will also have access to a wide array of additional lending products in partnership with governmental, life insurance, realty and bank trust solutions.

Our lenders work with a three level lending system with respect to its commercial financing loans. This is made up of small, mid-size and large balance loans (spanning loans from $5 – $25 million or higher).

In addition, our lenders offers conduit loan financing (making use of the commercial mortgage-backed securities market). Most of these real estate financial products need to have a minimum loan of $25 million, but have no maximum.

Product Types

Our private mortgage lenders selectively seek investment opportunities in niche markets or business sectors that have been typically underserviced by larger conventional institutional lenders. Typical properties include the following:

  • Commercial buildings
  • Hotels & motels
  • New residential condominium construction
  • Retirement & nursing home facilities
  • Development lands
  • Apartment buildings
  • Automotive dealerships
  • Industrial buildings
  • Golf courses
  • Recreational resort properties
  • Plazas & shopping centers
  • Cinemas
  • Churches & temples
  • Parking lots
  • Multi-family residential
  • Recreation-vehicle parks
  • Private schools
  • Subdivision servicing
  • Builder inventory loans
  • Condominium conversion projects
  • Storage facilities construction loan administration
  • Defaulted asset recovery work
  • Custodian & advisory services
Loan Amount: $5 – $25 Million
Income: Debt Service Ratio of 1.15 – 1.25 required
Credit Score: Reviewed on a case by case basis
Maximum LTV: 90% purchase financing
Loan Use: Apartment, Hotel, Plaza, Industrial, Office, Retirement Homes
Interest Rate: To be determined
Self-Insured Lending Fee: To be determined
Broker Commission: Broker to charge fees directly to their clients
Payment Options: Monthly, interest only
Prepayment Conditions: Fully open with 3 month interest penalty
Term: 1 – 3 years
Mortgage Position: 1st, 2nd or 3rd position
Appraisal:  Paid by borrower, appraisals are directly ordered by the lender
Legal Fees:  Paid by borrower, must use an approved lawyer
Other conditions: As per commitment and approval for each mortgage