T-MAX Lending LLC provides $11,000.000 Construction Loan for a New Mexico based Real Estate Developer.
Aug 24, 2023
August 24, 2023
T-MAX Lending LLC is pleased to announce the successful closing of an $11,000,000 construction loan to a New Mexico-based real estate developer. The loan proceeds will be used to partially fund the construction of a twelve-unit condominium complex in Carlsbad, NM. The loan is secured by a first mortgage on the property in Carlsbad, NM, as well as a junior mortgage on additional real property in Carlsbad, NM, with an underlying loan-to-value (LTV) of 85%.
The developer is a repeat borrower of T-MAX Lending LLC, having successfully developed and sold numerous investment properties with the assistance of T-MAX Lending LLC's bridge financing. There is significant demand for low-cost residential real estate, and this new condo complex is expected to meet that need effectively. Despite the sharp increase in interest rates, these new units are anticipated to sell quickly upon the completion of construction.
T-MAX Lending LLC construction bridge loan will be paid off in stages over the next eighteen months as the condo units are completed and sold.