Bienes y Servicios International Secures $2.75 Million USD Loan from U.S. Lender Kennedy Funding to Develop Housing in Sincelejo
U.S-based private lending company Kennedy Funding has issued a $2.75 million USD loan that closed in Colombia, a first for the firm.
Bienes y Servicios International SAS was the recipient of the first Colombia loan issued by the Englewood Cliffs, New Jersey-based lender and will use the financing to purchase nearly 17,000 acres of vacant land in Sincelejo.
The company plans to turn into residential development, according to the firm.
“We are one of the only direct private lenders in the United States to offer loans abroad, especially loans on raw land,” said Kevin Wolfer, CEO of Kennedy Funding. “We understand the local laws and know how to navigate through any legal challenges in order to get the loan closed.”
The purchased lot sits roughly two miles from the city center of the capital of the Sucre department on the route to Tolu and will be devoted to building middle-income housing.