Opinion ID: 175882
Heading Depth: 3
Heading Rank: 2

Heading: Acklin Seeks a Bridge Loan

Text: Acklin made payments on the Note for nearly a decade. In the late 1990s, Acklin encountered financial difficulties, including a very big IRS problem, after a failed attempt to expand his funeral business into Tennessee. Acklin had tried to capitalize on gang-related violence in Memphis but, according to KFI, ran into stiff competition from existing establishments. Acklin apprised Shelton he was going to restructure his financing and seek a bridge loan until he might secure more conventional terms. KFI, an unregulated, non-bank private lender from New Jersey, expressed a willingness to provide Acklin a bridge loan. KFI styles itself as America's leading hard money lender, specializing in bridge loans for commercial property . . . workouts, bankruptcy and foreclosures and as the lender of last resort. KFI boasts flexibility and speed, using creative financing expertise and an international network of private lenders [to] let[] borrowers with assets get the hard money commercial loans they need incredibly fast. KFI advertises the ability to close on a $100 million loan in less than two weeks. KFI fully collateralizes all of its loanstypically offering to lend up to 50% to 60% of the value of a prospective debtor's assets.