Posts Tagged ‘U.S. Virgin Islands’

Kennedy Funding Financial Suspends Lending in the U.S. Virgin Islands

FacebookTwitterGoogle+Share

Joins other major lenders in a response to territory’s lengthy foreclosure process

ENGLEWOOD CLIFFS, N.J., Feb. 23, 2015 /PRNewswire/ – Kennedy Funding Financial, LLC, one of the world’s largest private lenders, has suspended all lending in the U.S. Virgin Islands, encompassing St. Croix and St. Thomas, citing bureaucratic problems in the territory’s foreclosure process.

“Due to the incredible delays in the foreclosure process, we have decided to join many other U.S.-based lenders in this action,” said Kevin Wolfer, the firm’s CEO, citing the territory’s governmental process and courts. “These delays are preventing lenders from recouping their investment dollars in the islands.

“While the principals of our firm enjoy vacationing in St. Thomas and the other islands, and have found the local people incredibly hospitable, the exorbitant delays in completing a foreclosure process and the inability to even protect and preserve a property when it is being pillaged, we and other lenders have unfortunately been forced to make this difficult decision,” said Wolfer. “Because of the ongoing negative impact on the islands’ financial and real estate markets, it is incumbent upon local officials to correct these problems.”

Kennedy Funding will continue to lend throughout the U.S. and internationally, however. “We will continue to fund loans throughout the Caribbean region—we have recently closed loans in the Bahamas and the Dominican Republic, in fact,” said Wolfer. “We are actively pursuing opportunities and hope to one day resume lending in the U.S. Virgin Islands.”

Kennedy Funding Financial, LLC, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding Financial, LLC continues to actively seek new funding opportunities throughout the world.

www.kennedyfundingfinancial.com

CONTACT: David Green, davidgreen@resultsinc.com, 201-288-7888

Click Here for More Information »

APR Energy Renews 25MW Power Contract in the U.S. Virgin Islands

Two-year contract extension adds to record renewals

JACKSONVILLE, Fla., Dec. 16, 2014 /PRNewswire/ – APR Energy plc (LSE: APR), a global leader in fast-track power solutions, today announces that it has signed a two-year extension for its 25MW contract in the U.S. Virgin Islands, to run through late Q4 of 2016. The extension adds to APR Energy’s record number of renewals for the year, driving a success rate of over 90%.

http://photos.prnewswire.com/prnvar/20120207/FL48583LOGO

APR Energy assumed the contract with the U.S. Virgin Islands Water and Power Authority (WAPA) as part of its acquisition of GE’s power rental business in October 2013. The Group provides a turnkey bridging power solution to WAPA, supporting the utility’s strategic system improvements as it converts to liquefied propane gas (LPG), a lower cost fuel alternative. The GE TM2500 turbine provided by APR Energy gives WAPA additional fuel flexibility, including the ability to operate on the cheaper LPG fuel.

Tom Caldwell, APR Energy Managing Director, Americas, stated, “We are very excited that our bridging solution continues to play a key part of WAPA’s long-term plans as it makes its system-wide improvements. APR Energy appreciates the opportunity to continue our strong relationship with WAPA and are proud to support its efforts in providing lower cost solutions for the island’s ratepayers through our highly-efficient, mobile turbine technology.”

About APR Energy
APR Energy is a global leader in large-scale, fast-track power solutions, providing customers with rapid access to reliable electricity when and where they need it. APR combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customizable, and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific and the Middle East. For more information, visit the Company’s website at www.aprenergy.com.

Logo – http://photos.prnewswire.com/prnh/20120207/FL48583LOGO

CONTACT: APR Communications, Direct Phone: +1 (904) 223-2277, Email: publicrelations@aprenergy.com

Click Here for More Information »