T-MAX Lending LLC provides a commercial loan to Private Island in Miami, Florida
Feb 9, 2024
February 9, 2024
T-MAX Lending LLCis pleased to announce that it just successfully closed a $2,750,000 commercial loan to a small business in Miami, Florida. The loan proceeds will be used by the business for working capital purposes and the loan is secured by a second mortgage on a private island in a very exclusive waterfront community in Miami, Florida with an underlying LTV of approximately 85%. The loan was funded by one of T-MAX Lending LLC private investors.
The company is a repeat borrower of T-MAX Lending LLC. The principal of the company was able to subdivide the land on the private island and has sold a portion of the island to another private investor. Upon the closing of the sale of the subdivided portion later this fall, the borrower will pay off T-MAX Lending LLC bridge loan.