Report: #420065

Complaint Review: Ripoff Report | Kennedy Funding Financial TRUSTED Business | Ripoff Report Verified Safe™ …businesses you can trust. Kennedy Funding Financial is a commercial real estate lending service. Kennedy Funding Financial Specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies and foreclosures. “Kennedy Funding Financial has creative financing expertise which allows loans to be closed faster.”

  • Submitted: Wed, February 04, 2009
  • Updated: Tue, November 14, 2017
  • Reported By: Salt Lake City Utah
  • Kennedy Funding Financial TRUSTED Business | Ripoff Report Verified Safe™ …businesses you can trust. Kennedy Funding Financial is a commercial real estate lending service. Kennedy Funding Financial Specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies and foreclosures. “Kennedy Funding Financial has creative financing expertise which allows loans to be closed faster.”
    Two University Plaza, Suite 402
    Hackensack, New Jersey
    U.S.A.

Kennedy Funding Financial Verified TRUSTED Business REVIEW: Unlike traditional lenders, Kennedy Funding Financials, experience and dedication enables them to understand clients unique circumstances and then create a custom funding solution that aligns with their clients vision and goals. Commitment to Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program benefiting consumers, ensuring complete satisfaction & confidence when doing business.
*UPDATE: Kennedy Funding Financial recognized by Ripoff Report Verified™ as a safe trusted business service.

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Ripoff Report Verified™ REVIEW

EDitor's UPDATE: Positive rating and recognition has been given to Kennedy Funding Financial for its full commitment to quality customer service.

Ripoff Report's discussions with Kennedy Funding Financial, LLC have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Kennedy Funding Financial, LLC listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

Kennedy Funding Financial, LLC's principals, Kevin Wolfer and Gregg Wolfer, have informed us that their personal philosophy is that their clients success is the heart of the business. [continued below]....
..... As successful businessmen, Kevin and Gregg feel it is critical to listen to their clients and respond properly. By always putting their customers first, Kevin and Gregg hope to maintain Kennedy Funding Financial, LLC as a successful enterprise both now and for many years to come.

Kennedy Funding Financial is Ripoff Report Verified
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..



The information provided in this report below is based on comments made by Gregg Wolfer during an onsite inspection held by a third-party verification company with no biases towards Kennedy Funding Financial.

Kennedy Funding is a commercial real estate lending company. Gregg Wolfer stated the following about his company, "we make First Mortgage Real Estate secured loans throughout the United States, as well as throughout the Caribbean and in certain select international locations. We’ve been in the lending business for more than 30 years. We’ve closed loans in 47 of the 50 states as well as many locations throughout the Caribbean and a few locations elsewhere. We really consider ourselves to be short-term bridge type lenders."

Leads for Kennedy Funding are attained through several different avenues including marketing, conventions, and referrals from a network of brokers who have been utilizing their services for 30+ years. Mr. Wolfer then explained the process of becoming a client, "we will explain exactly our rates, fees, our terms as soon as possible. After we receive a loan proposal summary - meaning a summary of the financing request - we review it. If we think it’s a good match and the borrower is interested, depending on the type of asset, what type of loan they are looking for, what loan amount, we can then offer certain rates & fees. We explain that to them very clearly in what we call a Letter of interest. Which is typically a 2-page summary of our draft commitment. It summarizes exactly the term of the loan, the rates, the fees and everything. It spells out clearly that if for any reason whatsoever, we are unwilling to make a loan in accordance with the loan commitment we refund 100% of any money - any commitment fee paid to us. We make that very clear."



CUSTOMER CARE & COMPLAINT RESOLUTION - KENNEDY FUNDING FINANCIAL

During the on-site interview, Mr. Wolfer was asked to describe a situation where a client was not satisfied with the level of service they received. Mr. Wolfer outlined the following situation, "It couple years ago, we had a loan that was approved for $11M - they acquired I think 2 hotels for a total of $16M. The borrowers were putting up the other $5M with their equity sponsors. They knew very well that if for some reason we back out of the deal and we weren’t willing to fund the $11M that we offered - we had to refund 100% of any money or commitment fees paid to us.

However, if they or their investors backed out or they left us at the altar and they couldn’t perform, they were not going to get back the money they paid to us. And we went through the whole process, the title - the survey and everything was looking pretty good. Later we find out that one of their investors backed out - they were $3M short and they couldn’t close the transaction. Then they said - well we want our money back that we paid you and we explained it numerous times before they pay us a dollar, and even though our Letter of Interest and Loan Commitment are crystal clear that in any event, the borrower is unable to in that case put up the funds necessary to close, or if the borrower is unable to put up the title, the survey, the environmental, the normal checklist items - they are not going to get back the money they paid us. On the other hand, if it were a case where they did provide those items and we couldn’t perform, we are 100% obligated to pay back the paid portion of the commitment fee."

When asked to comment on complaints posted on Ripoff Report's website Mr. Wolfer expressed that he believes both comments made to be unfounded and false. He additionally stated, "We only work with nationally recognizable, the biggest appraisal firms to do our appraisals. We use reputable law firms to close our loans for us. We make sure the borrower is represented by legal counsel - on every transaction. And the borrower’s legal counsel is obligated to review the documents and to give an opinion, so they know exactly what they are dealing with and they know their risks because if a borrower does not provide us with a first lien with title insurance, for instance, they will not get back the money they paid us." It should also be noted that Kennedy Funding is a part of the Mortgage Bankers Association.

When asked what type of changes they have made to honor their commitment to making things right with the consumer per the request of Ripoff Report, Mr. Wolfer gave an example of his company going above and beyond, "the one person in Utah saying that they don’t believe that we have ever closed a loan and that all of our loan listings on our website are made up. We won’t even make his life difficult and ask him to pick out a bunch of projects and ask them to pick any one he thinks is not real, we will go ahead and pull it and show him exactly when it was closed, we’ll give him a copy of the recorded documents, we’ll give him the name of the law firm that closed it, the name of the title company, we’ll provide them with all the details. But, it’s difficult when someone doesn’t even tell us, and then the previous one said they some money we didn’t hire a legitimate appraiser. I don’t know what they’re talking about because on every case not only do we hire our own appraiser but the borrower, if they disagree with that appraisal, they have the right to provide the names of additional MAI appraisers and we are obligated to lend based on that new appraisal."

Kennedy Funding is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program, "we’re very happy to be a part of it. We’re happy someone like yourself and your firm is out there to right the wrong and to protect our firm from people who may be our competitors or people who were foreclosing on and are writing complete nonsense. We’re happy that you are able to work with us."





KENNEDY FUNDING FINANCIAL – STATEMENTS FROM CLIENTS

" Very Professional and Experienced - Raymond Young - Galaxy Lending

What I loved about them, Top Management was always available - Elen Hudec - Construction | Capital USA

They go above and beyond, truly excel in private lending - Jerry Gisclair - Colliers International

Kennedy Funding Financial, LLC's They close when they tell you they are going to close - John Healy - Healy Development

Kennedy Funding Financial, LLC takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this, "Kennedy Funding Financial has provided a great work environment over the last 13 years and are truly concerned for our best interest."

Ripoff Report was pleased to learn that Kennedy Funding Financial, LLC's past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.





STATED IMPROVEMENTS FROM KENNEDY FUNDING FINANCIAL

Kennedy Funding Financial, LLC recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Kennedy Funding Financial, LLC has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with Kennedy Funding Financial, LLC recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Kennedy Funding Financial, LLC has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience., Ripoff Report is convinced that Kennedy Funding Financial, LLC is committed to quality delivery of services resulting in total client satisfaction.





How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of. They have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Kennedy Funding Financial meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report, and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint, so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses, so we can insure that the member business did right by their customer.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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Kennedy Funding Hackensack New Jersey

ABOUT THE RIPOFF REPORT BELOW:

Ripoff Report would like to let readers know that Ripoff Report emailed this customer, so the member business could make things right with them. When a business joins the Corporate Advocacy Program, Ripoff Report emails everyone from the past so the member business can make things right with them. Of course, everything within reason. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses, so we can insure that the member business did right by their customer. The author of the Ripoff Report below never responded to our offer to help them.

STATEMENT FROM KENNEDY FUNDING FINANCIAL:

We do not know the source of this post.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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I personally know of 2 different investors that have been taken by this company. They say they can fund your deal in the millions of dollars and even will fly out to look at your project. They then tell you YES we can fund it but we need you to give us a Due Diligence fee to underwrite the loan. Then they make you sign a contract saying basically that they aren't required to do anything for the money you give them. Why anyone would sign their contract is beyond me. I think its just desperation for funds. Some of my investor friends have given this company $180,000 in Due diligence fees. What happens is this company then comes back and says, 'Sorry we can't fund your loan.' Then they keep your money. I don't think this company has EVER funded a legitimate project. They put fake projects they've funded on their website and do things like fly out to see your project to make it seem real. I know of 2 investors in just the State of Utah that Kennedy Funding out of NJ as taken Due Diligence money from, in the hundreds of thousands of dollars. They will take your money and run. Beware. This company gives all legitimate private money brokers and lenders a bad name. No matter how tempted you are and desperate to get your deal funded (this is the type of investor this company preys on) DO NOT give them any money. You WILL NOT see it again I assure you. Tony Salt Lake City, Utah
U.S.A.

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This report was posted on Ripoff Report on 02/04/2009 10:37 AM and is a permanent record located here: http://www.ripoffreport.com/reports/kennedy-funding-financial-trusted-business-ripoff-report-verified-safe-businesses-you-can-trust-kennedy-funding-financial-is-a-commercial-real-estate-lending-service-kennedy-funding-financial-specializes-in-bridge-loans-for-commercial-property-and-land-acquisition-development-workouts-bankruptcies-and-foreclosures-kennedy-funding-financial-has-creative-financing-expertise-which-allows-loans-to-be-closed-faster/hackensack-new-jersey-07601/kennedy-funding-hackensack-new-jersey-420065. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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3Consumer
0Employee/Owner

#1 General Comment

Couldn't agree more

AUTHOR: Spence - ()

I contacted Kennedy Funding a few years ago about a deal that I had in place that had quite a bit of equity in it. They initially said they couldn't help me and then the guy I was talking to changed his mind and asked me to send over the documents and he'd call me back...two days later lo and behold and the off-market property was now under contract...I'm still waiting on their call...four years later. Stay away from this compnay.

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#2 Consumer Comment

Kennedy Funding WILL Take Your Money

AUTHOR: BKC - (United States of America)

Normally, I discount some of the comments on this site because they tend to be disgruntled individuals. HOWEVER, what the gentleman from Utah says is 100% correct.  

They are notorious for taking up front fees and doing nothing. I had a client who was taken for $250K and he owned prime real estate (unencumbered) which had an appraisal of $185 Million, and he was only seeking a $50 Million capital raise. He is now stuck with the stigma that .... "since he resorted to Kennedy Funding his project must not be good." Other private market funding sources will not touch him. He has suffered GREATLY!

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#3 Consumer Suggestion

Peace of Mind

AUTHOR: fraudbasher - (United States of America)

With all of these scam artists around you would think that there would be some strong regulatory bodies throwing these punk criminals behind bars. It reminds me of the early 90's with all the boiler rooms all over Wall Street without strong regulation. What I now figured out was that I don't have to deal with these scam artists at all when looking for a mortgage. No more getting ripped off by some phony salesman. So I got lucky and someone referred me to a website called www.prepdocs.com where I could send all the paperwork that I sent mortgage brokers in the past and have everything packaged into an electronic file within 48 hours. Nice and neat. I took that file and sent it directly to about 10 lenders myself without the fear of being ripped off. I found the loan I was looking for without the mortgage broker b.s. I think anyone reading this should check it out for yourself for a peace of mind.
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