Kennedy closes raw land loan for residential subdivision

Suffern, NY When a local mortgage broker needed help securing funding for a $2 million land deal in Suffern, NY, they turned to Chase Wolfer—a funding specialist who knows how to perform under pressure. As both a loan officer at New Jersey-based direct private lender Kennedy Funding, and a firefighter with the Alpine Township Fire Department, Wolfer is no stranger to high-stakes situations.

He quickly delivered financing to Powder Horn LLC for the purchase of three undeveloped residential lots totaling 5.951 acres in Suffern.

An alumnus of the University of Arizona’s Eller College of Management, Wolfer continues the legacy at Kennedy Funding, a bridge-loan lender known worldwide for financing land deals other lenders won’t touch.

Kennedy Funding has earned a reputation for saying “yes” to land loans that others won’t—across the U.S. and around the globe.

Wolfer emphasized that this type of deal is a prime example of what Kennedy does best: help borrowers quickly access the funds they need when traditional financial institutions are not an option.

“Since 1987, our firm has worked with borrowers all over the world to help them obtain the funding they need to kick-start or complete their real estate projects,” said Wolfer. “Kennedy Funding brings a vision and flexibility to deals that don’t fit the traditional criteria banks typically require.”

Located at 32-34-36 Powder Horn Drive, the property is zoned for three single-family homes or may be used to build one or three single-family homes. Powder Horn Drive is easily accessible by car from Route 202 or from the Palisades Interstate Parkway. For commuters to midtown Manhattan, the property is six miles from the Suffern New Jersey Transit station to Hoboken, New Jersey, and a six-minute drive from the Route 202 & Viola Road bus stop to the Port Authority.

“When we’re evaluating a deal, we look beyond the standard paperwork—such as a clean title, environmental report, and recent appraisal, among other materials,” Wolfer said. “It’s about walking in step with the borrower and imagining the possibilities together.”

Just 35 miles from midtown Manhattan and directly across the border from northern New Jersey, Suffern is a village within the township of Ramapo, the most populous town in New York outside of Long Island. Suffern is ideal for residents seeking regular adventure, as Sterling Forest, Bear Mountain, and Harriman State Park are all less than a 30-minute drive away. 

“Given the location of these three parcels, the value of building here is clear,” said Kevin Wolfer, CEO and president, Kennedy Funding. “Although raw land is a non-starter for other private and traditional lenders, the borrower’s understanding of what attracts residents to the area means that they are well-poised to position the completed project for success.”

Kennedy Funding is known for closing land loans inside and outside the United States. While categorically excluded by all traditional banks and by most private lenders, brokers and others in the commercial real estate industry know that Kennedy Funding can close on raw land, and often in a fraction of the time it takes for other lenders to close. With more than $4 billion in closed loans to date across multiple project types, including raw land, the firm’s track record more than demonstrates the firm’s expertise and experience in the private lending realm.

“Accessing capital is the most crucial step to success,” Chase Wolfer said. “It’s my honor to be a part of that process for Powder Horn.”