Testimonials

Testimonials From Funding Sources

Michigan Hoteliers Do It Their Way With Multimillion Dollar Loan From Worldsavers Loan Sources Funding

HACKENSACK, NJ, JULY 16, 2001 — When Susan and John Payne of the Dudley Corporation sought funding for construction of their unique concept of a Victorian hotel on the Muskegon Lake shorefront in Michigan, few banks would support their independent vision for the hotel. A $6.6 million loan from Worldsavers Loan Sources Funding, a direct private lender based in Hackensack, N.J., is now providing the company with the resources to realize their vision.

Unable to locate a traditional lender willing to finance the construction of their 140-room Shoreline Inn & Suites, the Paynes invested more than $3 million in the project's development. Contractors put in another $3.5 million of unpaid work into the project until work was halted in July 2000 due to financial problems. Worldsavers Loan Sources Funding and the Paynes have now reached an agreement where Worldsavers Loan Sources will provide a multimillion dollar loan to permit completion of the ten-story, $11 million building enabling the hotel to open by the end of the year.

According to the Paynes, traditional lenders pressured them to make their hotel a franchise or flag operation with a brand entity such as Holiday Inn or Sheraton. Susan Payne also indicated that many of the Michigan banks are being taken over by outside institutions who are following Wall Street's warning to stay clear of the hospitality and restaurant industries as investments.

"We did extensive research and competitive analysis of the hotel market in Michigan," said Susan Payne, "and we wanted to remain independent because we want our hotel to have its own personality."

"After our investigation and assessment of the market, we saw the Shoreline Inn as a viable business opportunity with a strong niche in the Muskegon region that made it a good investment," says Henry Haskell, a principal with Worldsavers Loan Sources Funding.

Haskell explained that Worldsavers Loan Sources Funding has more flexibility than traditional lenders in configuring its loans and relies on its own staff of financial experts to evaluate risks.

The Paynes' have a great deal of insight into the local Michigan hotel market and firmly believe that the flags or franchises are not a good fit for the Muskegon market as they cater more towards the economy and budget consumer or focus too heavily on convention and banquet business.

"Our only competitor in the Muskegon market is the Holiday Inn which is a rehabbed Hilton," says Susan Payne. Payne says that the Shoreline Inn & Suites can easily compete against the Holiday Inn's small rooms, unattractive pool, and existing rate structure.

The Paynes say they are extremely pleased with support of Worldsavers Loan Sources Funding and their quick response to their funding needs. While the Paynes are paying above market rates to Worldsavers Loan Sources, it is far less expensive and restrictive than acquiring a partner or becoming a franchisee.

"Mr. Haskell is a good businessman and has tremendous integrity," says Susan Payne.

"The average conventional lender looks for predictable, safe loan scenarios that fall only within acceptable risk parameters or they reject them outright," says Kevin Wolfer, also a principal with Worldsavers Loan Sources Funding. "At Worldsavers Loan Sources, we have been fortunate to engage in a broad spectrum of lending situations that have prepared us to devise creative, innovative financial solutions to borrowers facing critical junctures due to time, legal issues, and financial constraints. Our solutions also safeguard the borrowers' desires to remain independent and not take on partners or other forms of restrictive co-investment that entail relinquishing control."

Upon completion, the Shoreline Inn & Suites will become Muskegon's first waterfront accommodation and one of the tallest buildings in town. Designed as a unique Victorian style hotel, the Shoreline Inn will offer gracious charm coupled with extraordinary views of Muskegon Lake. The 140 suites, including ten penthouse suites, are all being decorated and furnished in various Victorian themes, yet will feature all of the latest amenities such as large color TVs, refrigerators, microwaves, coffee makers and small kitchen facilities.

Additional facilities will include a heated indoor pool, two hot tubs, an exercise room and gift shop. While the hotel is steeped in an elegant Victorian atmosphere, it will be electronically advanced and feature the latest communications connectivity, including voice mail, Internet, email and fax. The doors will be electronic and keyless.

Muskegon is only 40 minutes from Grand Rapids and has easy access to I-96 and is only 1.5 hours from Lansing or Kalamazoo. The area is a popular summer resort area and haven for summer festivals. Within a short drive of the hotel, there are numerous amusement parks, golf course, and area recreational facilities.

"Its location and the strength of the Muskegon area as a resort destination are strong points in favor of the Shoreline Inn's success," says Haskell.

Although they are primarily a direct private lender in the commercial real estate arena, Worldsavers Loan Sources Funding has a diverse lending history that includes successful loans to sports complexes, amusement parks, airlines, and land development companies. The firm provides loans covering an array of financial situations including successfully dealing with commercial property workouts, foreclosure situations, bankruptcies, and scenarios that require innovative financial strategies.

A key lender in commercial real estate projects nationwide, Worldsavers Loan Sources Funding has also completed high profile commercial loans in the international arena, as well.

"More and more commercial borrowers are becoming frustrated by the lack of flexibility and shortsightedness of conventional lenders," says Haskell. "The other major issue is with responsiveness. To succeed today, entrepreneurs and businesses need to act in real time to respond to market conditions that change daily, sometimes hourly. The delays and red-tape prevalent in traditional lending processes present real obstacles to the success and survival of business projects."

Loan Sources Funding's expertise in due diligence and risk assessment enable the lender to support commercial investments of virtually any type. Unlike conventional banks, Worldsavers Loan Sources responds to loan requests rapidly and issues decisions immediately. The lender can provide up to $300 million in as little as two weeks and a commitment in just two days with an up to 75% loan-to-value ratio. In the past, Worldsavers Loan Sources has issued multimillion dollar loan commitments in as little as 24 hours.

Direct private lenders, such as Worldsavers Loan Sources, offer a quick response to loan requests, diverse experience, flexibility in loan configuration, and the ability to devise innovative solutions to a broad range of lending scenarios that traditional lenders cannot match

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Private Lenders Emerge As Main Sources of Capital as $30 Billion in Commercial Loans are at Risk.

Hackensack, NJ, November 10, 1998 — Private lenders and nontraditional funding Sources are emerging as the main Sources of capital for commercial real estate loans as investment banks pullback in the wake of market turmoil on Wall Street.

Wall Street s troubles began last summer when Asian markets collapsed. Market reaction created a capital crunch as banks and investment firms pulled back from their aggressive lending and investors fled the market for the safety of Treasury bonds.

"At times like these, private lenders are the only viable resources for capital to fund commercial real estate deals," says Jeffrey Wolfer, president of Worldsavers Loan Sources Funding, one of the nation s largest direct private lenders for commercial real estate. "Unlike investment banks and conventional lenders hit hard by the market s dive, private lenders have freer access to ready capital, greater freedom in funding a diversity of projects, and can respond more quickly to borrower demands."

As capital Sources dried up in the past six months, deals have unraveled and developers have been left scrambling to seek funding to rescue deals and hold onto prize properties. Private lenders maybe the only Sources to secure capital for acquisitions; land development, hotels/motels, expansions, workouts and emergency bridge loans.

"Investment banks such as Lehman Brothers, Credit Suisse First Boston, and Nomura Holdings, Inc., have suffered significant losses and abandoned much of their commercial lending activities," says Wolfer. "When an aggressive player like Nomura, reportedly posts a $1.6 billion loss, investors panic and everyone begins second guessing the market. The result is nobody wants to lend, loan-to-value ratios plummet, and a lot of viable projects die on the planning table."

According to Wolfer, the pullback by Wall Street lenders has left a tremendous void that direct lenders and nontraditional funding Sources will try to fill. In addition, many firms who hoped to derive cash from IPOs have curtailed those plans because of a lack of support.

Worldsavers Loan Sources Funding, which provides loans of $1 million to $300 million, specializes in the rapid turnaround of commercial real estate loans by using an experienced in-house team of experts to perform due diligence and assess the risks of loans. While most loans close in about 14 days, 3-day turnarounds are not uncommon. Worldsavers Loan Sources has access to a network of investors and bank lines of credit that enables it to raise funds for multi-million dollar deals quickly. Its unique streamlined decision process and creative approach to lending eliminates the red tape that plagues other commercial lenders.

Among their recent loans include those to Kiwi International Air Lines; Heartland Amusement Park, a new amusement center built around the cartoon character Garfield the cat; General Media, Inc., the publishing empire owned by Bob Guccionne; and owners of multiple shopping malls, office buildings, industrial parks, and housing communities throughout the nation.

Worldsavers Loan Sources Funding has also recently completed some high profile commercial loans in the international arena including a loan for a resort hotel in St. Maarten; a $20 million project in Mijas, a popular coastal resort town on Spain's Costa del Sol, and; a residential community in Mexico City, Mexico.

Henry Haskell, a senior partner with Worldsavers Loan Sources Funding and an expert in market dynamics says, "Buyers are unlikely to get much backing from investment banks until the first quarter of 1999, after those banks have an opportunity to securitize more than $30 billion in loans still on their books and sort out their losses.
"It will be quite a while before the Wall Street firms resume lending activity anywhere near the pace they were at earlier this year and last year, " says Haskell. "Investors and developers will need to be resourceful to uncover the capital they need."

"The credit crunch in commercial real estate has set off a panic reaction, and with it, a lot of negative talk and that is having a dampening effect on the market," says Wolfer. "It is interesting that the market reaction runs counter to the classic indicators of real estate performance. If you look at the statistics, market conditions are quite good. Rents are up, vacancies are down, and many markets show strong job and population growth.

Investors and developers can find real bargains in this market as prices go down from previous levels," adds Wolfer. "Before, prices were being driven up by easy capital and competition from buyers and developers. Demand for higher equity by lenders will also narrow the field of buyers, and cut competition.

Recent negative market dynamics point to a prolonged period where conventional funding will be more and more difficult to acquire, even with the stock market's recent rise. In such scenarios, direct lenders like Worldsavers Loan Sources become one of the few resources available to business owners, developers and investors for critically needed funding.

Adds Wolfer, "At times like these when access to capital is restricted, direct lenders can spell the difference between success and failure.

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Worldsavers Loan Sources Loan Funds Conversion of Dormant Inn to a State of the Art Ramada Plaza Hotel

Hackensack, N.J. — A one million dollar loan from Worldsavers Loan Sources Funding, one of the nation's leading direct private lenders for commercial real estate, will fund the purchase and restoration of the 169-room Jackson Square Inn located in Jackson, Mich. Upon completion of the renovation, the property will be converted to a Ramada Plaza Hotel.

Just off I-94 approximately 40 miles west of Ann Arbor and the same distance south of Lansing and East Lansing, the Jackson Square Inn is ideally located to serve as a premium business hotel and conference center. Jackson is 73 miles west of Detroit, 70 miles northwest of Toledo and 200 miles east of Chicago. The Jackson-Ann Arbor area is known as the Silicon Valley of the Midwest and is a haven for high tech businesses. The region is a site of several GM and Ford plants and offices, the University of Michigan and several other colleges and universities, and the Michigan International Speedway.

The property, which was held by a pension fund which took over via a foreclosure, has been vacant for 11 years and requires comprehensive refurbishment of all the guestrooms and public areas. The lobby, banquet facility, and three conference rooms are newly renovated and in excellent condition.

The conference rooms are the only part of the inn presently in use, said Henry Haskell, a senior partner with Worldsavers Loan Sources Funding. "Bookings already in place for 1998 conferences will generate $94,000 in income.

The Jackson Square Inn was specifically designed and constructed for operation as an upscale hotel. The average room size is eight percent larger than the criteria set by Ramada and the lobby is four times larger than Ramada s minimum size of 800 square feet. Conversion to a Ramada Plaza Hotel, Ramada s highest designation for their hotels, requires exceptional standards for the facility and in subsequent operations. The newly formed Jackson Ramada will have 160 guestrooms including two hospitality rooms.

Our research of the area and the inn s potential confirmed that the property had substantial intrinsic value, said Matthew Cole, of Worldsavers Loan Sources Funding. The inn is designed for an upscale clientele and has strong appeal for business travelers and conference planners. The impending conversion to a Ramada Plaza Hotel is further assurance of the property s value.

Cole also acknowledged that the borrowers, the Jackson Hotel Company, Inc. of Edmonton, Alberta, Canada, had a well-thought out business plan for purchasing the inn and converting it to a Ramada Hotel. A major portion of the loan proceeds will be used to refurbish 80 rooms.

Commercial real estate loans like this one are what Worldsavers Loan Sources Funding does best. The firm specializes in rapid turnaround of loan requests by using an experienced in-house team of experts to do the due diligence and thoroughly assess the research risks of loan requests. Because of its national reputation among commercial lenders for its expertise in successfully dealing with commercial property workouts, foreclosure situations, bankruptcies, and other situations that require innovative financial strategies, Worldsavers Loan Sources has amassed a network of investors and bank lines of credit that enable it to fund multimillion dollar deals quickly. Worldsavers Loan Sources s unique streamlined decision process eliminates the red tape and bureaucracy that plague other commercial lenders.

By processing loans quickly, we re able to meet the time sensitive needs of commercial borrowers who are often pressured by financial, regulatory, and market constraints to act quickly to fund their projects or risk losing their investments, said Cole. At times, we've turned loans around in a single day. While our service is expensive, it's often the only recourse available to borrowers who would otherwise lose their investments entirely, or have to resort to more costly avenues such as taking on partners.

Worldsavers Loan Sources s services are not aimed at a large market. They are primarily corporate lenders who make loans designated for commercial purposes. Among the borrowers it has served over the years include Kiwi International Air Lines; Heartland Amusement Park, a new amusement center built around the cartoon character Garfield the cat; General Media, Inc., the publishing empire owned by Bob Guccione; the developers of a resort hotel in St. Maarten; owners of multiple shopping malls, office buildings, and industrial parks, and housing communities throughout the nation.

Worldsavers Loan Sources Funding has also recently completed some high profile commercial loans in the international arena and is becoming more involved in international transactions.

Within the commercial real estate industry, the growing complexity of securitization and increased competition for access to limited capital has created a strong demand for firms like Worldsavers Loan Sources Funding that can bypass bureaucratic and regulatory red tape to make financial decisions quickly. In the aftermath of the 1980s credit crunch and period of real estate devaluation, a new breed of lender has emerged to take the place of thrifts and the decreased role of banks and insurance companies in real estate financing. While commercial banks and insurance firms have rebounded somewhat, competition from direct lenders and investment banks have made it difficult for those entities to regain their foothold in commercial lending.

Direct lenders, such as Worldsavers Loan Sources Funding, offer distinct advantages over investment banks and commercial lenders, in that they enjoy greater freedom in the processing and structuring of loans and have the ability to respond quickly to market demands. For many commercial borrowers, direct lenders can spell the difference between success and failure.

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Hackensack Lender Provides $7.1 Million Loan for Major Land Deal in Texas

The hallmark of today's loan market is tight money. If money is available at all, approvals are painfully slow. The options are few for the businessperson who is hard pressed and needs funds in a hurry. Yet, for those willing to pay high rates, there are some corporate lenders who will raise dollars for commercial projects, foreclosures, bankruptcies and other types of creative financing in a matter of days. One such lender, based in Hackensack, NJ, is Worldsavers Loan Sources, Inc. The company's style of service is fast and the cost is admittedly high.

A $7.1 million loan from Worldsavers Loan Sources, a direct private lending firm based in Hackensack, will enable Pohl, Brown to move forward in its planned acquisition of 446 state-owned acres in the Lakeline Mall area of Austin near the intersection of FM 620 and U.S. Highway 183. Pohl, Brown represents Madron Investments Ltd., a European corporation seeking to develop up to 11 million square feet of apartments, hotel, industrial, and office properties.

Madron is purchasing the land from The Texas State Department of Transportation for $18.3 million. To facilitate growth in the area, the Texas Transportation Commission approved the extension of U.S. Highway 183 frontage roads all the way to FM 620, upgrading the road from a four-lane undivided highway to a six-lane freeway.

The loan by Worldsavers Loan Sources, which has amassed a national reputation for providing rapid turnaround on commercial loan requests of sizable amounts, is collateralized by a 138-acre tract of land, known as "the hog farm", at the intersection of Lake Creek Parkway and FM 620 in the northwestern section of Austin, plus a lien on a 607-acre parcel of land on U.S. 183. The value of the properties has been placed between $11 million and $14 million. "Given the strength of Austin's real estate market and the prominence of Pohl, Brown and Associates as one of the area's real estate firms for the past 20 years, we're extremely confident in the success of the Lakeline area's development," said Jeffrey Wolfer, President of Worldsavers Loan Sources.

The Lakeline section of Austin is one of the state's leading growth areas with occupancy rates of 97 percent for office, 98 percent for retail, and 95 percent for multifamily housing. Extensive retail and office development in the region includes a 200,000 square foot Wal-Mart super center; a 1.1 million square foot DeBartolo shopping center known as the Lakeline Mall; a planned six-story AmeriSuites Hotel by Prime Hospitality Corp. adjacent to the Lakeline Plaza; a 449,745 square foot shopping center anchored by the Home Depot and Pet Smart; and two new buildings under construction by Motorola, a 173,000 square foot office building, and a 58,000 square foot Motorola University building. In addition, Trammell Crow is expected to break ground in May on a 500,000 square foot research park near U.S. 183 just south of Madron's tract.

Pohl, Brown & Associates manages 46 limited partnerships that own more than 5,000 acres in Williamson County, considered one of the fastest-growing areas in the nation. The combined properties are valued at more than $350 million.

As a private direct lender to commercial real estate projects nationwide, we keep pretty close tabs on which areas are hottest," said Steve Rogovich, a Worldsavers Loan Sources Associate, "and the studies we used show Austin to be one of the top 50 metro areas for growth with a strong job growth, a large high-tech presence, and a very desirable lifestyle. Money magazine rated it the third best place to live; the New York Times said it had the most highly educated population among cities larger than 200,000; and Parents Magazine named it the fourth cleanest city in the nation. That all adds up to a strong development picture for now and the foreseeable future.

The complexity of the Lakeline land deal, involving multiple legal entities in both private and public sector players, creates a kind of situation Worldsavers Loan Sources excels at. With its extensive experience in commercial real estate and ready access to large Sources of capital, Worldsavers Loan Sources can evaluate risks and opportunities accurately, and rapidly obtain the information to make quick decisions on loans. The firm is also highly skilled at devising innovative solutions and strategies to provide borrowers who were unable to secure funding from conventional lenders with capital necessary to continue with or complete their projects.

Within the commercial real estate industry, the increased complexity of securitization and competition for access to limited capital resources has created a need for private lenders who can bypass bureaucratic and regulatory red tape to make financial decisions quickly. Kennedy excels at developing innovative financing tailored to the needs of the borrower based on the circumstances and time frame of the loan request. Kennedy specializes in real estate and commercial property funding, including bank workouts, foreclosures, bankruptcies (including D.I.P. Financing) and many other types of creative financing. By recognizing the importance to developers of being able to act quickly in response to market conditions and providing financial mechanism to do so, Worldsavers Loan Sources has earned a distinctive niche among private lenders. It's unique approach to loan structuring, ability to quickly assemble teams of real estate and legal experts, and its access to tremendous financial resources from banks and investors, enables Kennedy to move more quickly than traditional lenders while minimizing risk. The Pohl, Brown loan transaction is typical of the deals Kennedy executes routinely. This ability to move quickly has enabled Worldsavers Loan Sources to grow from a small firm with bank lines of credit totaling $4 million to a company that can close multimillion dollar loans in just a few days.

We differ from traditional financing Sources because our senior management is actively involved in the review of loans that other lenders relegate to lower-level officers," added Wolfer.

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Worldsavers Loan Sources Two Day Loan Rescues Building
From Foreclosure

HACKENSACK, NJ, MARCH 21, 2002 — In just two days, Worldsavers Loan Sources, a direct private lender based in Hackensack, N.J., turned around a $700,000 loan at the 11th hour to rescue the building owned by Shavi Purchasing of Middletown, N.Y. from foreclosure.

"Time had literally run out for Shavi Purchasing," said David Hecht, a principal with Worldsavers Loan Sources. "The company owed the bank $600,000 and nearly as much in back taxes when we got an urgent call from the owners for help."

Shavi Purchasing has owned a 163,000 square-foot building located at 9-29 Canal Street in Middletown, N.Y. for years. The building is almost fully occupied.

After receiving the call from Shavi’s chief executive, Richard Rosenzweig, Kennedy dispatched one of its partners to check out the property, and due diligence was performed immediately. It took only two days for Kennedy to make the loan commitment. Back taxes were paid and the bank loan reduced to $100,000, leaving Shavi Purchasing solvent and in business.

"We felt that the value of the property and its prime location made it a valuable asset," says Hecht. "Shavi’s position was much like other companies hard hit by the recent economic downturn and they needed to buy time. Our assessment was that they were a worthwhile investment that we could help."

Worldsavers Loan Sources has a long history of bailing out companies in financial trouble and devising innovative ways to solve their financial crises. The lender excels in loans covering a wide variety of financial and legal scenarios including successfully dealing with commercial property workouts, foreclosure situations, bankruptcies, and situations that require "out of the box" thinking.

Over the years, Kennedy has amassed a reputation as a reSourcesful, key lender in commercial real estate projects nationwide. In recent years, Kennedy has branched out into commercial loans in the international arena and has broadened its lending scope to include viable enterprises across diverse industry categories.

With its expertise in due diligence and risk assessment, Worldsavers Loan Sources is able to support commercial investments of virtually any type. Unlike conventional banks, Kennedy responds to loan requests rapidly and issues decisions immediately.

"We can provide up to $300 million in as little as two weeks and a commitment in just two days with an up to 75% loan-to-value ratio," says Hecht. "In the past, we’ve issued multimillion dollar loan commitments in under 24 hours."

There are numerous advantages of using direct private lenders, such as Kennedy, over traditional lenders. These include quick responses to loan requests, diverse experience, flexibility in loan configuration, and the ability to devise innovative solutions to a broad range of lending scenarios. Being staff by experienced loan officers and risk analysis experts enables Worldsavers Loan Sources to make fast, accurate loan decisions.

Personalized services is another quality that sets Kennedy apart from the competition. Whereas most lenders lend the funds and walk away, Kennedy’s loan officers work closely with the borrowers to guide them through complicated processes and advise them on financial matters as well as other related issues affecting their business transaction. Kennedy’s clients receive a level of personal service few lenders in today’s highly competitive financial services market can match.

"Too many conventional banks place a lot of obstacles, some necessary, many not, in the way of commercial borrowers," says Hecht. "These obstacles cause delays that kill deals and lead businesses to fail. Today’s business and economic environment is fast-paced, and time costs. The ability to react quickly to market trends and opportunities is critical to business success and, as always, access to capital is the determining factor to that success."

This Funding Source can fund from $1 Million to $300 million in 2 Weeks with a minimum 2 day commitment! There are other basic requirements but this funding source has fund projects that most banks would not even touch.

“Worldsavers Loan Sources Funding” or similar is used to replace the actual “Funding Source Name” to protect our actual proprietary source. Use and the replacement of the actual entity is not to be construed that Worldsavers Loan Sources Funding was the actual participant in the transaction. Articles used to indicate Some of Worldsavers Loan Funding Source capabilities.