T-MAX Lending LLC provides additional debt financing for a construction project.
Sep 29, 2023
September 29, 2023
T-MAX Lending LLC is pleased to announce that it just successfully closed a $5,050,000 construction loan to a real estate developer/contractor in Geneseo NY . The loan proceeds will be used as additional construction financing for a commercial real estate development project on a commercial real estate asset that is located in a well known industrial park in Geneseo NY. Specifically, the developer is building two separate “butler” buildings on the property that will comprise a total of 20,000 square feet of new industrial space.
The loan is secured by a first mortgage on the property with an underlying LTV of approximately 85%. This particular asset already generates tremendous cash flow as the developer has the existing building fully rented with lucrative long term leases. In addition, the borrower is already generating interest from both investors and potential tenants who would like to either purchase or rent the two new buildings that are currently under construction. The borrower expects to obtain long term conventional financing on this property upon the completion of the construction to pay off T-MAX Lending LLC short term bridge loan.