Kennedy Funding company | Kennedy funding lawsuit?

[Lara Taylor]

Has anyone ever had any deals with them and if so what is your experience? I have a deal I am trying to finance and I have been talking to this company. Reason I am hesitant is due to the fees they want up front. 

[Jason D.]

@Lara Taylor upfront fees are always a red flag. Anything more than a small application fee ($200-$300) and maybe an appraisal ($300-$500 if residential) and I would look elsewhere.

[Lara Taylor]

it is a large up front fee. 10k but it is also a large deal. I dont mone paying that kind of fee at the closing table but not before.

[Jay Hinrichs]

looking at the website 1 to 50 mil deals and for a REAL lender not a fake lender.

10k due diligence on a large deal is pretty standard stuff.. 

but what i would caution you on is this

make sure before you go down this road that you are realistic about your ability to get multi million dollar loans.

the main thing is there is going to need to be real equity in the form of cash .. 

So as long as you know you have 25 to 30% of the proposed deal in cash.. thats one.

two do you have experience.. these are tough to get for first time borrower. ?? look at your experience level with reality in mind.

I would want to feel very comfortable about those things before spending time on deals and money when i had no real capacity to transact no matter who the lender was.

@Jason D.  and since your asking on this forum my guess this is a new venture for you.  there are companies that will take your 10k and then tell you .. you don't qualify becasue your really don't..  And then there are others that are just pump and dump due diligence schemes.. now when i googled this company their web page came up .. but there is also complaints and a rip off report link.. so i would read all that stuff first.. take it with a grain of salt.

then look deep within and ask yourself if with your business acumen and 2 to 3 years of tax returns.. and your fico and your cash reserves can you do a 1 plus deal.

[Jason D.]

@Jay Hinrichs I've done HML deals before, but never of that size, so I cant comment on large deals like that.

[Jay Hinrichs]

Originally posted by @Jason D.:

@Jay Hinrichs I've done HML deals before, but never of that size, so I cant comment on large deals like that.

 sorry meant it for the OP  not you specifically. just trying to lay out some reality.

bigger money deals are not like 200k HML flips were lenders will take a stab at newbies or a company like DHM will come through at some point

[Tarik Turner]

I've worked with them on multiple occasions they are legit  however not sure why you would be doing a refi through Kennedy..  Not really their strong point. Even if it is a short term loan  

[Jay Hinrichs]

Originally posted by @Tarik Turner:

I've worked with them on multiple occasions they are legit  however not sure why you would be doing a refi through Kennedy..  Not really their strong point. Even if it is a short term loan  

 Tarik I dont think she said she was refinancing i think she said she is looking to finance so probably an purchase money loan

[Tarik Turner]

You are absolutely correct I misread that..  For larger bridge loans and development deals they are solid 

Originally posted by @Jay Hinrichs:

 Tarik I dont think she said she was refinancing i think she said she is looking to finance so probably an purchase money loan

[Jay Hinrichs]

Originally posted by @Tarik Turner:

You are absolutely correct I misread that..  For larger bridge loans and development deals they are solid 

Originally posted by @Jay Hinrichs:

 Tarik I dont think she said she was refinancing i think she said she is looking to finance so probably an purchase money loan

 My main point was that these scale of loans the borrower needs to look within and be realistic if they can truly qualify.

I am not sure if this company will take the 10k when cursory information reveals a high chance of loan being rejected..

and if borrowers are qualified for this type of financing they usually have a pretty good grasp on whats needed. 

[Tarik Turner]

 Yeah the down side is that they do ask for the due diligence fee with only preliminary information required for submission.  It's a simple form and a few Docs that they require  prior to the fee request and Paying the fee obviously doesn't guarantee that they will approve the deal. 

I would suggest to speak with a broker or someone familiar with the process and have them review a full package and try to look for any possible red flags in advance. 

Also again if this is a simple bridge loan there are so many companies that do not require the due diligence fee. My recommendation of this company would really depend on the loan scenario. 

[Jay Hinrichs]

Originally posted by @Tarik Turner:

 Yeah the down side is that they do ask for the due diligence fee with only preliminary information required for submission.  It's a simple form and a few Docs that they require  prior to the fee request and Paying the fee obviously doesn't guarantee that they will approve the deal. 

I would suggest to speak with a broker or someone familiar with the process and have them review a full package and try to look for any possible red flags in advance. 

Also again if this is a simple bridge loan there are so many companies that do not require the due diligence fee. My recommendation of this company would really depend on the loan scenario. 

ya I suspect these companies make a pretty good amount of cash on their turn downs.. I just remember Remington financial  if you have not seen that episode on American Greed I think you would be interested in it.

[Account Closed]

No. I am a beginner.