T-Max Lending LLC provides $4,650,000 , construction loan in San Diago, CA.

May 17, 2024

T-Max Lending LLC originated a cash out loan for a recently completed construction of a new multifamily property that was rented with short-term, AirBnb tenants. The borrower was previously turned down by 3 banks. Helvetica worked with a broker to source a three-year, fixed-rate. The borrower was given an interest-only option for the first two years to help with early cash flow and to support a strategy to sell the property within 3 years. The loan was underwritten using higher AirBnb rents and with limited seasoning.

The complex nature of the multi-family property being used for AirBnB rentals, the need for a quick close, and limited seasoning prevented this borrower from obtaining a bank loan.