Direct lender provides 9% rate on land for future 14-acre residential development
ENGLEWOOD, N.J., April 28, 2026 /PRNewswire/ — Steve Rogovich, senior loan officer at Kennedy Funding, played a central role in structuring a land refinance that is now enabling a residential development site in Banning, California, to move forward—on a deal most traditional lenders wouldn’t pursue due to perceived risk.
The $1.16 million loan was provided by the New Jersey-based lender to Erna Enterprises Inc. for the refinance of a residential development site located in Banning, Riverside County, California.
Located at the southeast corner of West Lincoln Street and Woodland Avenue in Banning, the property spans approximately 14 acres across two contiguous parcels of vacant land in a growing Southern California market.
The site is a mixed residential development, with one parcel zoned for higher-density multifamily use and the other designated for single-family housing. Plans for the property include the development of a large-scale apartment complex on the larger parcel, along with the potential buildout or sale of single-family homes on the adjacent portion of the site.
Loan proceeds were used to refinance existing debt, allowing the borrower to continue advancing plans for the property without disruption.
Zack Gottfried, Principal of Commercial Real Estate Consultant Services LLC in Boca Raton, Florida, brought the transaction to Kennedy Funding and represented the borrower, building on a prior relationship with the firm.
“We knew this would be a strong fit for Kennedy Funding,” said Gottfried. “They’re extremely professional, with a very systematic approach. They understand complex and unique deals—and Kevin and his team are first class.”
A longtime member of the Kennedy Funding team, Rogovich has built his career on navigating complex, nontraditional loans—an approach that once again proved critical in bringing this deal together.
“Land deals take a different level of analysis,” said Rogovich. “You’re looking beyond current conditions and focusing on the long-term potential—zoning, location, and what the property can support. This was a strong site, and we were able to structure the loan at a 9% rate in a way that worked for the borrower and kept the project moving forward.”
While many traditional lenders remain cautious when it comes to raw land—Kennedy Funding’s asset-based approach allows the firm to evaluate opportunities based on the strength of the property itself.
“This is exactly where we separate ourselves,” said Kevin Wolfer, CEO/President of Kennedy Funding. “We understand land, we understand the risks, and we know how to structure deals that make sense. When other lenders hesitate, we’re able to step in and deliver.”
The property benefits from strong fundamentals, including its size, level topography, and proximity to Interstate 10, with access to the broader Inland Empire region—an area that continues to experience residential growth and development demand.
With this latest transaction, Kennedy Funding continues to deliver fast, financing solutions for land acquisitions, refinances, and development projects across the United States and around the world.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
For more information or to discuss funding solutions, visit www.kennedyfunding.com.
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SOURCE Kennedy Funding
