$1 Million Kennedy Funding Loan Helps Developer Build Condos on Cozumel

HACKENSACK, NJ — Having previously borrowed $960,000 from Kennedy Funding, developer Richard McCoy turned to Kennedy once more for a $1 million loan to finance the acquisition of beachfront property on the island of Cozumel, Mexico, in the resort area near Cancun.
“We were happy with our past transaction with Kennedy Funding,” said Richard McCoy of Desarollo Inmobilario Punta del Sol S.A. de C.V. “Their service has been very good and they were attentive to our needs and requirements.”

“Obtaining funding for international land acquisitions is extremely difficult,” said Kevin Wolfer, Co-CEO of Kennedy Funding. “This is particularly true in Mexico due to laws concerning land ownership. Given that the market for condos is very strong in Cozumel and that region is experiencing rapid growth in population and tourism, we felt it was a sound investment.  While we would not normally provide an international loan of this size since our minimum international loan amount is usually $3 million, we had a good prior relationship with the borrower. He has a lot of integrity and is someone we could count on.”

McCoy plans to build 28 condo units on 27,900 square meters of beachfront land on the west coast of the island, roughly seven kilometers south of San Miguel de Cozumel.  Cozumel is directly across the straights from Playa del Carman and 40 minutes from Cancun. Retail space in Cozumel commands over $120 per square foot, double that of Lincoln Road in Miami’s South Beach, once considered the premier shopping strip in the U.S.

Obtaining loans to acquire property and for infrastructure is one of today’s most difficult tasks facing commercial borrowers dealing with traditional lenders. Kennedy is able to successfully step into the void left by conventional lenders and fulfill the needs of developers trying to acquire raw land.