Foreign lender seals villa construction deal
A leading global private lender, Kennedy Funding, has closed a loan of US$3 million to local company Exuberant Development Inc to complete construction for a residential community located on Exuma Island.
Proceeds of the loan will be used to finish three villas situated on 17.35 acres of oceanfront real estate.
The three-year, interest-only loan will also help cover the infrastructure costs associated with the project’s seven remaining lots.
“Finding a lender or conventional US-based bank willing to do this loan in the Caribbean is pretty much impossible,” said Kevin Wolfer, president and CEO of Kennedy Funding, based in the US state of New Jersey.
“While they see this as a risky venture, Kennedy’s extensive history working in the Caribbean market allows us to fund quickly and efficiently — helping us to breathe life into these projects.
“After the devastation of Hurricane Dorian in the Bahamas, we wanted to do our part to help build this area back up to once again become a premier destination for tourists and residents. Any chance we have to help generate future revenue for the Bahamas economy is an opportunity we can’t afford to pass up,” Wolfer said.
George Town is the capital and the largest town of the Bahamian district, with an estimated population of more than 2,400. It’s an area rich with culture, amenities, and natural beauty, and continues to be a thriving tourist destination.