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T-Max Lending LLC Closes $23M Refinance and Construction Loan in Tampa Bay, Florida, Brings 2024 Loan Volume to $371M
November 18, 2024
Source: T-Max Lending LLC
T-Max Lending LLC, a California-based nationwide direct lender, has successfully closed a $23 million refinance and construction loan for a mixed-use development project in Tampa Bay, Florida. The deal adds to T-Max Lending’s record-breaking loan volume in 2024, bringing its total financing for the year to an impressive $371 million.
This particular project, approved in 2020, faced serious delays and complications due to legal issues and the deterioration of terms with the previous lender. The sponsor of the development found themselves in a critical situation, needing immediate financing to replace the existing lender and keep the project alive. With just 30 days left on the clock, they turned to T-Max Lending after facing a setback when a potential lender unexpectedly pulled out of the deal.
“We were under immense pressure, and we needed a lender who could move fast and understand the urgency of the situation,” said the sponsor, who has requested anonymity until the project’s completion. “T-Max Lending didn’t just provide the funding; they became partners in helping us get this deal across the finish line.”
A Fast-Paced and Tailored Approach
The loan process at T-Max Lending typically involves careful evaluation and custom-tailored solutions for each borrower’s unique circumstances. In this case, however, speed was critical. Upon receiving the sponsor’s request, T-Max Lending acted quickly, recognizing the potential of the project and the necessity of getting funds in place to avoid losing the deal.
“We saw a great opportunity in this project, and we knew we had to act fast to help the sponsor,” said Jacksen Valerie, Senior Loan Officer at T-Max Lending. “This is exactly the type of scenario that defines T-Max Lending. We don’t just underwrite loans — we understand the full picture and move with the flexibility and speed our clients need to succeed.”
T-Max Lending closed the $23 million loan in just 19 days — a remarkable feat given the complexities of the deal. The terms include a 36-month interest-only period with a competitive interest rate of 10.2%, providing the sponsor with the liquidity required to pay off the previous lender and proceed with vertical construction, set to begin in mid-December 2024. The project’s completion is slated for July 2025.
A Milestone Year for T-Max Lending
This deal is part of a larger success story for T-Max Lending, which has closed over $371 million in loans to date in 2024. The firm’s ability to provide fast, customized financing for a wide variety of real estate projects — from mixed-use and multifamily developments to commercial properties — has earned it a growing reputation as a go-to lender for developers across the country.
“We pride ourselves on providing tailored loan structures that match our clients’ unique needs,” said Valerie. “Our quick, flexible approach ensures that projects get the financing they need to move forward, regardless of complexity or timeline.”
Jackson Valerie
VP Origination
T-Max Lending LLC
Info@tmaxlending.com
www.tmaxlending.com