Posts Tagged ‘USVI’

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

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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

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Last Chance To Exhibit, Advertise At Invest Caribbean Now

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CaribPR Wire, NEW YORK, NY, Fri. May 3, 2013: The deadline for exhibitors and advertisers to sign up for the Avalon Invest Caribbean Now 2013 forum is drawing to a close and so is the opportunity to reach and do business with almost a dozen Caribbean governments, investors and high net worth delegates.

Invest Caribbean Now, (ICN), which is presented annually by The Caribbean Tourism Organization, (CTO), and digital media solutions company, Hard Beat Communications during Caribbean Week in New York and Caribbean American Heritage Month in the United States, is set for June 5th from 7:30 to 11:30 a.m. at the Radisson Martinique Hotel, 49 West 32 Street in New York City. An invitation only VIP reception at The Yale Club, presented by The Government of The Turks & Caicos Islands, will precede the event on June 4th.

The definitive Caribbean investment forum, will feature a United Nations-type “general assembly” of ministers from about a dozen nations from the Caribbean, including a delegation from the Turks & Caicos Islands led by Premier Dr. Rufus Ewing Finance Minister and Washington Misick; Minister of Tourism & International Transport, International Trade, Industry, Commerce & Consumer Affairs St. Kitts, Ricky Skerritt; Chief Minister of Anguilla, Hubert Hughes; Minister for Tourism, Heritage and Creative Industries, St. Lucia, Lorne Theophilus; Chairman of the CTO and Commissioner of Tourism for the USVI, Beverly Nicholson Doty and Assemblyman Tracy Davidson-Celestine, Deputy Chief Secretary and Secretary, Division of Tourism and Transportation of Tobago, among others.

Only six exhibitor table spots are available and four ad spots remain in the 2013 Program Directory. Interested companies can email Joe Bernstein at joe@investcaribbeannow.com before May 7th to sign up or get more information at http://investcaribbeannow.com/partnership-options/

Speakers will include Alan Loewenstein of Wedgewood Capital; Premier Dr. Rufus Ewing and Minister Washington Misick of the Turks & Caicos Islands; Sun Guoxiang, the Consul General of the People’s Republic of China in New York City; Chair of the CTO, Beverly Nicholson-Doty, Brian Lilly, CEO of Lilly Broadcasting and One Caribbean Television, Ganesh Ramanathan of Hard Beat Communications, and Grace Lappin of Avalon Partners.

Tickets for the June 5th forum are now $185 and only a few remain at http://events.constantcontact.com/register/event?llr=7phqhyn6&oeidk=a07e6oz57kp0f880fbe

Invest Caribbean Now is the most promoted event on the Caribbean Week in New York calendar, with over 200 media placements to date in the US, Caribbean and Latin American media and advertising via 30 media partners – on television, on radio and the web.

ICN 2013 is made possible with sponsorship dollars from marquee sponsor Avalon Partners, gold and reception sponsor, The Government of the Turks & Caicos Islands; and bronze sponsor, One Caribbean Television.

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Seaborne Airlines to Increase Capacity to the USVI

Salutes the Government Retirement System of the Virgin Islands 

Seaborne to operate more seats in the Virgin Islands than any other carrier by April, 2013

SAINT CROIX, U.S. Virgin Islands, Oct. 29, 2012 /PRNewswire/ — Seaborne Airlines, the regional carrier based in St. Croix, USVI, today announced its capacity plans to and from the US Virgin Islands (USVI) for Spring, 2013 and beyond.

Starting in February 2013 Seaborne plans to introduce new equipment to the USVI on select flights – - the 34-seat Saab turboprop – - to both Cyril E. King Airport at St. Thomas and Henry Rohlsen International Airport at St. Croix from Luis Munoz Marin International Airport at San Juan, Puerto Rico. The Saab operates with two pilots, a flight attendant, in-flight service and a lavatory.

 Effective April 1, 2013 more flights will be added between St. Thomas’ Cyril King International Airport and St. Croix’s Henry Rohlsen International Airport with 17-seat Twin Otter aircraft. Combined with existing Twin Otter Seaplane service between the seaplane bases in Charlotte Amalie and Christiansted, Seaborne plans to operate 300 weekly flights with over 10,000 seats into and out of the USVI – becoming the Virgin Islands’ largest carrier in terms of capacity.

 USVI travelers will also have access to Seaborne’s premium lounge at San Juan’s Luis Munoz Marín International Airport. The lounge offers comfortable seating, work areas, charging stations, light refreshments, WIFI access, and Direct TV. Additionally, Corporate Seaborne customers have access to FasTrak SJU security access, which allows travelers to go to the head of the TSA line. This new capacity to and from San Juan International as well as continued seaplane equipment upgrades have been made possible by the expanded business partnership between Seaborne and the Government Employee Retirement System (GERS) of the US Virgin Islands, according to Gary Foss, Seaborne Airlines President. "As we move forward with this historic expansion – we want to thank GERS and the Government of the US Virgin Islands for their support and confidence in the Seaborne business model and growth plan. We also want to thank our customers who have supported us for over 17 years. As one of the largest private employers in the USVI, we understand the importance transportation plays. In concert with the GERS investment that makes possible additional capacity with larger aircraft, we will enhance tourism and commerce, while adding more jobs in the USVI as we move forward through 2013."

Tourism Commissioner Beverly Nicholson-Doty concluded, "We are extremely pleased about Seaborne Airlines plans to increase service to the Territory and between our islands. She said, "The added capacity and equipment upgrades encourage more inter-island travel and ensure that travelers enjoy improved access to the Territory, better connections, and greater comfort. This news is especially welcome from a locally-based airline that is uniquely positioned to bring additional employment and revenue to the Territory."

 About Seaborne Airlines:
Seaborne Airlines – named Best Small Air Transport serving the U.S. Virgin Islands every year since 2007 – operates over 350 weekly departures between San Juan, St. Croix, St. Thomas, and Vieques and starting December 2012, Tortola and Virgin Gorda. Operating for 17-years in the Caribbean, Seaborne has carried more than 2 million customers since 1995. With both seaplane and Airport airshuttle operations, all aircraft operate with two pilots under US FAR Part 121 flight rules. Flights can be reserved via the Internet at www.seaborneairlines.com or calling 866-359-8784.

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