Originally Syndicated on June 14, 2024 @ 8:57 am
Kennedy Funding Financial is an American hard lender with its headquarters located in New Jersey. Kevin Wolfer is their owner.
The firm has a bad reputation for defrauding investors and companies by collecting money for loans that never get closed. The review that follows will teach you about the different con games that Kennedy Funding Englewood Cliffs, NJ has played:
Kennedy Funding Financial Claims: What They Want You To Think
Kennedy Funding Financial is a direct private lender with expertise in bridging loans for the acquisition of commercial property, development, foreclosures, workouts, and bankruptcies. This company is based in Englewood Cliffs, New Jersey, in the United States.
Kevin Wolfer is the firm’s CEO. Kennedy Funding Financial states that it has closed loans totaling more than $3 billion.
The corporation is spending a lot of money on paid marketing and news releases because it wants everyone to know about this. Many posts can be found by searching for “Kennedy Funding Financial PR” on Google:
What is the purpose of a basic loan company’s large PR budget? because there are an excessive number of online complaints against Kennedy Funding Financial. To assist you in understanding why this corporation is spending so much on paid promotions, let me quickly go over them and the Kennedy Funding case.
Public Claims Kennedy Funding Financial Engages in Scamming Practices
Due to the large number of internet complaints about Kennedy Funding Financial, the public’s perception of this company is unfavorable. especially in the financial industry. The majority of brokers and organizations concur that KFF is an untrustworthy business.
Here is an example of a conversation concerning this lender amongst a group of finance professionals. They disclose that Kennedy Funding Financial manages to avoid closing deals despite receiving a hefty upfront payment. In the end, the client forfeits the initial costs.
A user brought to light the fact that KFF is, in fact, a con artist who also owns a business named Silver Arch Capital Partners. But since the focus of my review is Kennedy FUnding Financial, I won’t delve into specifics concerning the other business.
Conversations like these demonstrate what people think of this lending company. It makes sense that many view this company as scammers given the volume of lawsuits and complaints filed against them.
Kennedy Funding Financial Client Outraged Over Alleged Fraud by the Company
This is a complaint that resembles a post about a Kennedy Funding swindle report. Kennedy Funding Financial has been exposed by the reviewer as a fraud. It levies a $100,000 maximum due diligence fee, although the business never clarifies the purpose of this payment.
The reviewer made an unsuccessful attempt to learn further details regarding this charge. Kennedy Funding withheld some important facts. Their messages, emails, and calls went unanswered.
Eventually, the organization told the reviewer that after paying the due diligence cost, they could request a refund within three days of the reviewer’s visit to their office. Their request for a refund was met with silence from the corporation, nevertheless.
Other customers are cautioned by the reviewer to avoid KFF. Numerous comparable Kennedy Funding Financial complaints are readily available online. They have a large number of victims.
Kennedy Funding Financial Customer Reports $180,000 Loss
This is an additional grievance directed at Kennedy Funding. Here, the client emphasizes that they are aware of two distinct investors that were duped by this business. After reviewing your concept, the corporation says it can provide funding. To underwrite the loan, they do, however, demand a due diligence charge.
They have the client sign a document stating that they will not be held accountable for the money you pay them.
The reviewer claims to be aware of other investors who have paid due diligence costs to Kennedy Financial totaling up to $180,000.
After you pay the charge, the business notifies you that they are unable to fund your loan after waiting for a while. To create the impression that they are a reputable business, they post fictitious projects on their website and engage in actions like flying out.
Similar to the earlier complaint, this reviewer advises companies and investors not to work with this lender.
$1.67 Million Legal Action Filed Against Kennedy Funding Inc.
It would be incomplete to discuss a Kennedy Funding case without bringing it up. Kennedy Funding Financial was sued by the owner of a cemetery because KFF had broken the terms of the agreement.
KFF granted them a bridging loan for their cemetery, but in exchange, they had to hold $675,000 in escrow. They never did, however, make any additions to the escrow account.
Consequently, the individual was unable to withdraw their money from the escrow account when they attempted to do so. as there was never any money in the first place.
They brought the case to trial, and a jury found that Kennedy Funding was obligated to reimburse the individual $1.675 million for fraud and breach of contract. But the appeals court later overturned the decision, so KFF only had to pay $675,000.
It should be noted that the disagreement persisted for almost twenty years. Kennedy Funding Financial was making every effort not to give that person any money.
Kennedy Funding Inc. Faces $282 Million Lawsuit from Fortis
Kennedy Funding has had disagreements with major corporations in addition to regular people. Fortis Bank had sued this lender in the Kennedy Funding dispute, and they subsequently settled for an undisclosed sum.
Keep in mind that Kennedy Funding Financial wasn’t the sole lender in this transaction. The lawsuit, which cost $282 million, dealt a serious blow to the lender’s finances.
Kennedy Funding is known for pursuing loan-defaulting real estate developers. Here, it was they who had to deal with a lender’s fury.
In its action, Fortis Bank claimed that it may require the defendants to either turn over the loans as collateral for the debt or pay back their obligations promptly because of the rising number of defaults by Kennedy’s borrowers.
Kennedy Financial settled outside of court because it was certain it wouldn’t prevail in court.
More Kennedy Funding Lawsuits:
Breach Of Contract Dispute With The Strand Corp
Conflict over contract breach involving The Strand Corp. In one instance, Kennedy Funding conned a real estate company into paying an advance fee and pretending to be offering them a $3 million loan. But instead of providing the loan at the scheduled time, KFF continued modifying the terms.
$2.7 Million Fee Conflict With Royale Laua Resort
KFF and Royale Laua Resort were at odds over $2.7 million. Here, the court had partially upheld and partially dismissed some allegations made against Kennedy Funding. Kennedy Financial was, nevertheless, also found guilty of violating the terms of the agreement and the covenant of good faith and fair dealing in this case.
Other Kennedy Funding Financial Lawsuits
Kennedy Funding was sued by Construcciones Haus Sociedad in an attempt to recoup the commitment fee Kennedy demanded in exchange for a loan that was never given.
To recover the $260,000 commitment fee that Kennedy Funding Financial had assessed them for a loan that never closed, Omni Credit Alliance sued the company.
Dan Keener sued Kennedy Funding Financial for violating the Unfair Trade Practices and Loan Brokers Acts of South Carolina by charging an advance fee before granting a loan.
Kennedy v. Ibarra Funding. Kennedy Funding was unable to promptly foreclose on a loan, resulting in the borrower’s default. They now demanded full repayment of the amount from the borrower.
In 2020, Vladimir Isperov accused Kennedy Funding Financial of fraud and filed a lawsuit. The legal matter is still pending.
Kennedy Funding was sued by Anthony Modica for collecting a commitment fee on an unclosed loan. An $82,500 commitment fee had been collected.
Kennedy Funding Financial Review Verdict
Kennedy Funding Financial is the target of lawsuits alleging breach of contract and charging upfront fees for loans that were never closed.
Online complaints about Kennedy Funding’s dubious business practices are far too common. For these reasons, you ought to stay away from this company at all costs.
