Locally based Gulf Waves Partners LLC needed the money fastbecause the seller held backup contracts and was unwilling toextend the contract time, says Al Buniak, a principal at thedevelopment firm. "It took only seven days (to do the deal) fromcommitment to loan closing," Buniak tells GlobeSt.com.
"Timing was the critical issue for us and Kennedy Funding wasable to get the deal done in the tight timeframe we were facing,"says Buniak. "The whole Florida Gulf market is doing very well andPanama City has become a very hot market to the extent that a delayin getting the loan was essential to obtaining the property."
For example, land fronting on the Gulf of Mexico has shot up to$50,000 per lineal foot from $15,000 per lineal foot in the last 18months, Buniak says.
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