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Kennedy
Funding's $1.1 million loan rescues recycling pioneer from
bankruptcy
HACKENSACK,
NJ, August 02, 2000—A $1.1 million loan from Kennedy Funding,
one of the nation’s leading direct private lenders, rescued
Taylor Tree Inc., one of the first approved recycling firms in the
state of New York, from bankruptcy. Taylor operates a 30-acre recycling
and wood-processing site on the Neelytown Road in Montgomery, N.Y.
in Orange County.
“When you consider all hat Taylor Tree achieved as one of
the first companies in the waste recycling and processing industry
despite tremendous regulatory burdens,” says Henry Haskell,
a principal of Kennedy Funding, “you can understand their
circumstances, and see the potential the company has for growth.
We studied their situation thoroughly, analyzed the risks, and
then moved quickly to approve the loan they needed.”
Haskell points out that Taylor Tree had negotiated substantial
discounted payoffs with its creditors and has a well thought out
plan for reorganization and exit from bankruptcy. In addition to
being fully permitted Construction & Demolition (C&D) was
recycling operation, Taylor has several sources for generating
income from its waste processing by-products, including income
from the sale of mulch, top soil, crushed stone, clean wood chips,
recovered metals, and in the future, glass and cardboard.
The Taylor family has operated a tree-cutting firm since 1956.
In1987, James W. Taylor Jr., president of Taylor Tree Inc., purchased
the present recycling site on Neelytown Road in Montgomery, N.Y.
The site is well-situated and close to such major roads as The
New York Thruway, I-84 and 208. In 1989 after New York State passed
its solid waste law, Taylor Tree expanded its business operations
to become waste and wood processing facility. When the state’s
applicable laws and permitting rules went into effect in 1992,
the Taylor facility became one of the first sites to apply for
a permit for a 100-ton per day waste wood chipping facility.
In 1995, the Taylor facility was upgraded and permitted for processing
60,000 tons per year of C&D waste; 25,00 cubic yards per year
as a compost facility; plus the original 100 ton per day waste
wood permit. Taylor tree was the first facility in New York State
to receive a permit for all three of those functions. Additionally,
one of Taylor’s grinders is the world’s largest portable
stump grinder weighing 126,000 pounds. However, the cost of regulatory
compliance and the stringent, six-year upgrade process to meet
constantly changing NYEC requirements led the company on a path
to bankruptcy.
Additional impacts to the company’s resources wee compound
by having to remediate four acres of woodlands as ordered by the
U.S. Army Corps of Engineers, even though an initial inspection
by the NYDEC found no wetlands on the site. Following that, a hazardous
waste contamination brought on by General Electric disposing of
broken fluorescent lamps mixed in with its C&D waste shut down
the Taylor site for six months. The cleanup cost more than $50,000
and there were extensive legal costs due to lengthy litigation
with G.E. that culminated in Taylor entering Chapter 11 Bankruptcy.
This is the type of situation where a direct private lender such
as Kennedy Funding excels. Due to its vast, diverse lending history,
Kennedy has experience with a wide variety of financial scenarios.
Over the years, Kennedy has acquired a national reputation among
commercial leaders for its expertise in successfully dealing with
commercial property workouts, foreclosure situations, bankruptcies,
and other situations that require innovative financial strategies.
Kennedy Funding has been a key lender in commercial real estate
projects throughout the country and has also completed some high
profile commercial loans in the international arena.
Unlike traditional banks, Kennedy responds to loan requests rapidly
and issues decisions immediately. As a direct, private lender it
relies upon its own highly specialized executive team for investment
advice, risk analysis, and due diligence. Due to its excellent
track record, Kennedy funding has developed substantial lines of
credit with investment banks and a pool of private investors in
can tap as needed. The company specializes in commercial real estate
loans, and its diverse experience has given the firm the capability
to respond to a wide variety of typical and atypical lending scenarios
quickly and efficiently.
Direct lenders, such as Kennedy Funding, offers distinct advantages
over investment banks and commercial lenders, with greater freedom
in the processing and structuring of loans and the ability to respond
quickly to market demands. For many commercial borrowers, direct
lenders have become an independent and indispensable resource for
securing the success of their business ventures.
“For many lenders, bankruptcy issues are a red flag and
they bail out,” says Haskell. “We have the in-house
expertise to analyze risk and devise successful strategies that
work for our clients and for our investors.”
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Million Loan from Kennedy Funding Helps California Developer
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Goldstein & Englewood Hospital Big Winners at The Kennedy Funding Invitational |
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Million Loan from Kennedy Funding Helps Niagara Falls Investor Leap into the Hotel Business |
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Million Loan from Kennedy Funding Helps Pennsylvania Developer Turn Timeshares into Condos |
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Million Loan from Kennedy Funding Helps Elias Brothers Keep
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Million Loan from Kennedy Funding Helps Kings Highway Acquire Land and Buy Out Partners |
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JEFFREY
WOLFER AIDS KATRINA RECOVERY EFFORT |
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Million Acquisition Loan from Kennedy Funding Puts Michigan
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Million Loan From Kennedy Funding Takes Detroit Hospital
Off Life Support |
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Funding Rescues Blue Ridge Mountains' Developer |
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Million loan from Kennedy Funding delivered in record time
to development company in Florida |
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New
Resort to Rise on Sandy Beach in Puerto Rico, Thanks
to Loan From Private Lender Kennedy Funding |
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$4
Million Loan From Kennedy Funding Helps Developer Bring
Gaming Enterprise to Mexico City |
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Country
Club with Golf Course Coming to Maine with Help of $3.4
Million Loan From Kennedy Funding |
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Home improvement
company spruces up with $3.5 million loan from Kennedy Funding |
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Highrollers
meet steamrollers as Kennedy Funding loans $18.5 million
for major development on Las Vegas strip |
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Funding Loans $3.9 Million to Developers for St. Croix, Virgin
Islands Resort |
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Funding borrower returns for second loan to build condos
on island of Cozumel, Mexico |
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Funding's $3.4 million loan will help provide affordable
housing in Mexico |
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Funding's $5.2 million loan paid back by borrower in record
time |
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Funding loans $6.6 million to developer of Florida beachfront
condos |
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Funding lands in paradise with $5.4 million loan to developer
of Fiji island resort |
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Funding loans $3 million to California developer |
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Funding Lends $1.5 Million to Colorado Developer for New
Community adjacent to Vail's Keystone Resort |
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Funding Lends $2.3 Million to Mexican Developers |
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Kennedy Funding Receives $14.5 Million Payback On Defaulted Loan
from Penthouse Founder Guccione |
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Funding Lends $18 Million to Developers of Next 'Sun Valley' |
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issues $5.3 million loan to Travis Boats & Motors (NASDAQ: TRVS) |
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Kennedy Funding
bails out South Florida Developer with quick $3 million second
mortgage bridge loan |
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lends $1.8 million to Port Saint Lucie, Florida Developer |
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Kennedy Funding Expands Media Expertise With Loan To Hispanic
Radio Station |
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Lends $6 Million To Leading Operator Of Charter Schools |
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Kennedy Funding Scores Hole-In-One with Multimillion Dollar Loan
to Golf Course Developer |
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Kennedy Funding’s
Two Day Loan Rescues Building From Foreclosure |
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In
Private Lending, Bigger is Better |
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Kennedy
Funding Loan of $2.2 Million Breaths ‘New Life’ Into Funeral Home |
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Quick
$3.5 Million Loan by Kennedy Funding Funds Acquisition of Former
Hospital |
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Michigan Hoteliers
Do It Their Way with Multimillion Dollar Loan from Kennedy
Funding |
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Guccione
Gets $35 Million Reprieve |
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NJ Lender
Bails Out Auto Dealer in Far-Off St. Maarten |
|
Kennedy Funding
Expands Lending Expertise with Loan to NYC TV Station |
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Kennedy
Funding Plays Key Role in $66 Million Loan to Florida
Developer |
|
Kennedy Loan
Funds Conversion of Dormant Inn to a State of
the Art Ramada Plaza Hotel |
|
Kennedy
Funding Lends $16.5 Million to Developer of Arizona
Championship
Golf Club |
|
Private Lenders
Emerge as Main Source of Capital as $30 Billion
in Commercial
Loans Are at Risk |
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Hackensack
Lender Provides $7.1 Million Loan for Major Land
Deal
in Texas |
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Kiwi Gets $2.2
Million to Help Recovery |
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Kennedy
Funding's $1.1 million loan rescues recycling pioneer from
bankruptcy |
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Kennedy
Funding takes to high seas with $5.1 million loan to international shipping line |
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Kennedy
Funding lends assisted-living housing facility $500,000
to pay down $1.9 million Hud loan |
|
Kennedy Funding's
$7.6 Million Loan Helps MPTV, Inc. Launch Las Vegas Time
Share Project |
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Kennedy
Funding rescues bankrupt developer with creative financing |
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