Introduction
If you’ve been exploring funding solutions for some time now, you’ve definitely come across Kennedy Funding International, the private lending industry’s biggest player.
The company asserts that it shall help people with their financial needs—be it a loan or something else. However, there are always customers who have left negative reviews and complaints even on platforms like the Ripoff Report despite these exciting promises.
The Kennedy Funding Ripoff Report piece that we are doing is an attempt to look at the complaints, the responses and to offer some solutions. The main aim is to give you a clear picture of the situation read about and to present some facts that will enable you to make a smart choice before you engage in any financial relationship with the company.
What is Kennedy Funding?
Before analyzing the Kennedy Ripoff Report, let’s first find out what the Kennedy Funding is. Kennedy Funding Inc. was founded back in 1989 and is a direct private lender in the real estate industry that targets larger projects, mainly with a focus on high-risk projects. KFIC specializes in the commercial real estate loans market, offering both real estate project short-term funds and long-term funds.
The company is situated in Englewood Cliffs and it is known for its modus operandi that deviates from the usual approach of lenders. Unlike the outdated banks and financial institutions that enforce stringent credit score requirements and demands of complex approval processes.
Kennedy Funding instead undertakes more risks by provision of loans to individuals or projects that conventional banks might decline. This is what has led Kennedy Funding to stand out in the crowd and be the first choice of many borrowers looking for alternative lending sources.
What is the Ripoff Report?
For those who are not familiar with the term, the Ripoff Report is an online platform where consumers can file complaints about businesses they believe have treated them unfairly. The website enables people to voice their issues and concerns to the public after experiencing poor customer service. This may help potential customers to make informed decisions.
Although the Ripoff Report could aid consumers in the case of a complaint, it is of the greatest importance to evaluate each complaint separately and only then make a decision. Nevertheless, the facts, even if true, without distortion and unbiased review can sometimes be presented in a manner, which does not fully reflect them. It is critical, therefore, to consider the issue as a whole before formulating thoughts about any company or person cited in a report.
What Are Customers Saying?
Here we would like to take a look at the complaints filed about Kennedy Funding on the Ripoff Report. Common themes extend over a number of [of] these bad reviews, such as:
1. High Fees and Interest Rates
The high fees and interest charges accompanying Kennedy Funding’s loans are one of the most significant complaints by borrowers. A good number of customers mentioned about the sudden imposition of unexpected charges that were neither justified nor clarified before they sank their teeth into the deal.
It’s normal for private lenders to ride a high fee vehicle to remain competitive. However, the customer expects full disclosure from the firm. The issue is when people feel they got duped into borrowing more than they were intended and the interest goes beyond an initially agreed level.
Example: A person could want a loan from Kennedy Funding for commercial real estate and may ask for a short-term loan. After they had successfully secured the loan, they realized that the interest rates and fees are beyond what was previously discussed. This, in turn, would make them feel they are trapped with debt payments.
2. Slow Loan Processing
One of the persisting grievances that the complainants talked about, is the prolonged processing time of the loan applications. After exhausting claims, most borrowers are usually frustrated by the fact of how much time they are forced to wait for their funds. This delay may remain a considerable inconvenience for anyone who is in urgent need of financial support.
Sometimes, the applicants claim to be abandoned or not responded to, even with no prior contact from Kennedy Funding about their application status. These problems may put time-sensitive projects at risk making the borrowers both weary and in urgent search of alternative solutions.
3. Lack of Customer Support
Many of these complaints were about the customer support team at Kennedy Funding Services who seem to be the ones causing the issues. Most of the clients are unable to contact a representative who can help them solve the problem, which can be really frustrating especially when it comes to such important financial transactions.
It is always important to feel you are in good hands when you are borrowing a large amount of money for an important matter. Communication and Transparencies are very important in creating trust with clients. If Clients feel unattended or that they are not given required information, the whole process may go sour.
Kennedy Funding’s Responses
To be fair, Kennedy Funding has come out of the shadow and disclosed itself by addressing Ripoff Reports. The business has reached out to the complainants proactively, pointing out inaccuracies, and defending the negative reviews with explanations and evidence.
1. Clarification on Fees and Rates
Speaking about the facts on high fees and interest rates in response to complaints, Kennedy Funding has declared that their fees are not higher than those of other private lenders. They insist that their loans are targeted at high-risk borrowers, and so these costs are very well justified.
Kennedy Funding has also mentioned that they have the information on fees and rates made visible to all of their clients at the start, advising them to read the loan condition before choosing the rates. While this justification may be enough for those concerned, it is important for borrowers to understand the total cost of the loan before they sign off on it.
2. Improved Loan Processing
In response to the claims that the loan processing is very slow, Kennedy Funding expressed that they are in the process of improving their loan application and approval systems. The enterprise points out that some of the delaying issues just refer to the complexity of high-risk projects and the need for due diligence. Nevertheless, Kennedy Funding admits that better communication should exist so as to let the clients know that they are being taken care of.
3. Customer Support Enhancements
Kennedy Funding has come to terms with the customers’ dissatisfaction regarding inadequate customer support and has promised to work on the problem. The company is keen on more training and additional staffing in order to make sure that there is more customer communication and faster reply times to all customer inquiries.
Solutions: What Can You Do?
If the thought of working with Kennedy Funding or any other private funder has come to your mind, we have done research, and we have these established solutions to avoid potential mistakes and to assist in the process smooth running:
1. Read All Terms and Conditions Carefully
Let’s face it! You should immediately decline to sign the loan agreement unless you are sure about the terms of the loan and the interest you constructively recap the funds, and the period you will need to repay them in. The borrower should ask questions. Transparency can be checked by checking the answers to the questions.
2. Compare Multiple Lenders
Never you should get caught in the trap of the first lender you come across. It is critical to get the advice of different financial institutions before making a choice. For instance, you should go for fairest interest rates and pay as little fees as possible for the service.
3. Maintain Communication
Maintain tides of communication with your lender as you go in for the loan. You shouldn’t hesitate if you feel overwhelmed or undervalued, to get in touch with them to share your concerns. A trustworthy lender will make you the priority of their customer service and respond to your needs.
4. Seek Legal Advice
If you are uncertain about the terms of your loan or feel that you are working with an untrustworthy financial entity, it is advisable to consult a lawyer. A lawyer is in the best position to teach you the law and protect your interests in complicated financial transactions.
Conclusion
While at the same time having a look on Kennedy Funding Ripoff Report grievances, feedback, and most importantly, ways to address the issues, it is you, the caller, who makes the decision to proceed with Kennedy Funding depending on your own personal circumstances and risk tolerance criteria.
As to those who are in the need of quick, high hazardous loans like the ones that are taken out for commercial real estate projects, Kennedy Funding might be the best in this regard. But still, the lender should be ready to pay the higher fees and interest rates, and of course, let time be the only thing in the end when he carefully reviews all the terms.