What does all of this have to do with New Jersey real estate? Kennedy Funding, based in Hackensack, which has a history of finding money for commercial property workouts, foreclosures and bankruptcies on its home turf, produced a quick multi-million-dollar loan (the exact amount was not disclosed) to help Premier pay off Daewoo.
"Finding a traditional lender to make a sizable loan to a troubled car dealer in the Caribbean would be an impossible task," admits Henry Haskell, a principal of Kennedy Funding. "Most lenders are afraid of getting into deep water over their heads."
"This is our second major loan in the Caribbean, and a notable one," adds Kevin Clark, Kennedy Funding's director of marketing. "We've been seeing a growing demand for commercial borrowers outside of the real estate sector."
Some New Jersey-based expertise has helped bail Premier Motors out, but what about Daewoo itself? Labor unrest and $10 billion owed to creditors loom, and the South Korean government is helping prop it up while trying to find a buyer. GM is said to be the leading contender.
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