2nd developer sues Hackensack lender [North Jersey]
A Florida developer has accused Hackensack’s Kennedy Funding Inc. of failing to repay $525,000 from an unsuccessful loan application.
A lawsuit filed by Royale Luau Resort LLC of Destin, Fla., in U.S. District Court in Newark claims the company made the payment to Kennedy Funding as part of the 2005 application process for a $92 million loan.
Kennedy Funding, which calls itself “America’s leading hard-money lender,” makes asset-backed commercial bridge loans of $1 million to $100 million, often where other lenders will not. The company says it sometimes does so in as few as five days.
Jordan B. De Flora, an attorney for Kennedy Funding, declined to comment on the facts of the case. But he said the company will vigorously defend itself.