Proceeds used for cash-out refinancing on 38.81-acre residential site

ENGLEWOOD, N.J., April 23, 2026 /PRNewswire/ -- Kennedy Funding, a New Jersey-based direct private lender, has closed a $4,400,000 cash-out refinance loan on raw land in the Austin, Texas, metro area, delivering liquidity to a successful property owner who had already invested heavily into a six-parcel site in the Texas Hill Country.

The private lender's loan underscores Kennedy Funding's ability to execute on large-scale land deals that often fall outside the scope of conventional lenders. Traditional banks typically avoid raw land financing due to development risk, and the fact that the property does not currently generate income — particularly in high-growth markets where timing and flexibility are critical.

The transaction, led by Kennedy's Executive Loan Officer, Edwin Urrego, enabled the borrower to refinance the asset and access capital to support the next stage of the project. The property consists of six adjoining parcels, located at 3550 Alexander Circle / 3310 Crawford Road, featuring rolling Hill Country terrain and elevated areas with panoramic views of Lake Travis.

The borrower originally acquired the property between 2021 and 2022 in an arm's-length transaction for approximately $7,973,000. Since then, the borrower has invested approximately $2 million into the site for utility infrastructure and the demolition of previous structures — positioning the property for residential development. The borrower's long-term strategy includes the potential sale of the lots to national homebuilders seeking inventory in the Austin growth corridor.

"This deal is exactly where we add value," said Edwin Urrego. "This was a cash-out refinance on land that's already been improved. The focus was getting the borrower liquidity while keeping the project moving forward."

Spicewood, located in parts of three counties, continues to emerge as a desirable Hill Country submarket, driven by its proximity to Lake Travis and the broader Austin area. The region has experienced sustained population and economic growth, along with continued residential expansion into surrounding communities. 

The property benefits from existing access via Crawford Road and nearby arterial routes, along with utilities already brought to the site. With no current zoning requirements, the land offers flexibility for future development — an increasingly rare advantage in a market experiencing rapid expansion.

"This was a pure cash-out refinance," said CEO and President, Kevin Wolfer. "The owner had already built meaningful value in the site and needed a way to access that capital efficiently. We structured the financing around the asset itself, giving them the flexibility to move ahead without disruption."

With more than $4 billion in closed loans, Kennedy Funding continues to provide borrowers with fast, flexible financing solutions, particularly for land and complex assets that require a deeper understanding of value and execution.

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.

www.kennedyfunding.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/kennedy-funding-closes-4-4m-land-loan-in-spicewood-texas-302751264.html

SOURCE Kennedy Funding