Rather than wait for the 'glacially slow' traditional lenders to approve a loan, home improvement manufacturer, Pacesetter Corporation turned to Kennedy Finance.

When the founders of Nebraska's Pacesetter Corporation sold two divisions to its management team this past spring, they also looked to divest their corporate real estate.

But traditional lenders couldn't deliver the funds fast enough to the buyers.

Enter Kennedy Funding, a direct private lender based in Hackensack, NJ, who provided a $3.5 million acquisition loan to enable the new owners to purchase the company's two main commercial buildings in Omaha.

Pacesetter was founded in 1962 and grew steadily over.

Outsourcing of some manufacturing, expanding the product lines, and other new efficiencies were introduced by Gary Iskra, who became the CEO and President of Pacesetter in 2002.

After buying the manufacturing and sales services divisions, Mr. Iskra and his management team were intent on the purchase of Pacesetter's corporate assets, a 100,000 sq. ft. manufacturing plant and a 3.7,000 sq. ft. office building, both to be acquired from the former parent corporation.
Advertisement

"Kennedy Funding demonstrated a clear understanding of our needs," remarked Mr. Iskra.

"And rather than wait for the 'glacially slow' traditional lenders to approve a loan, we found that Kennedy provided very quick, highly professional service.

"We had our financing--and our two buildings in record time."

Jeffrey Wolfer, president of Kennedy Funding, saw the value inherent in Pacesetter's relocation and restructuring. "By acquiring several divisions and their physical assets, the 'new' Pacesetter was positioning itself for the challenges of the next decade.

"Kennedy Funding applied its quick valuation process and came up with the $3.5 million to make it all happen. Clearly, the management team knew what they were doing and where they were going.

"They just didn't want to wait for the usual lenders to take their time structuring the loan. That's where we came in, and we were happy to do so."

Kennedy Funding regularly funds diverse projects in the U.S. and around the world, structuring each loan to reflect the particular needs of the borrower.