Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida | Nachricht
ENGLEWOOD CLIFFS, N.J., Sept. 23, 2020 /PRNewswire/ — A long-promised commercial center in Port Charlotte, Florida, will soon be underway, thanks to Kennedy Funding.
The Englewood Cliffs, New Jersey-based direct private lender today announced the closing of a $3 million loan to Lost Lagoon Development for the acquisition of 101.46 acres of land located at 17512 Toledo Blade Boulevard in Port Charlotte.
Lost Lagoon Development purchased the property for $3.755 million and Kennedy Funding closed the loan at80% of the purchase price.
“A commercial real estate loan at 80% loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO, Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to
IRVINE, Calif., Sept. 17, 2020 /PRNewswire/ — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its second-quarter 2020 U.S. Home Flipping Report showing that 53,621 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 6.7 percent of all home sales in the second quarter of 2020, or one in 15 transactions. That figure was down from 7.5 percent of all home sales in the nation during the prior quarter, or one in 13, but up from 6.1 percent, or one in 17 sales, in the second quarter of last year.
U.S. Home Flipping Trends Chart
While the home-flipping rate dropped from the first to the second quarter, both profits and profit margins rose. The gross profit on the typical home flip nationwide (the difference between the median sales price