As the real estate boom continues to intensify in southern Maine, GenX Lending continues to be the go-to bridge lender for real estate developers looking for quick capital for timely, short-term transactions.
“It’s crazy right now,” said Mark McClure, managing director of GenX Capital Partners, which is the parent company of GenX Lending. Earlier this year, GenX Lending set a goal of closing a minimum of $ 25 million in bridging and equity loans for Southern Maine through its hard money lending platform. At the end of June, they were at 60% with no sign of slowing down.
“We fund from Cape Elizabeth to Wiscasset and everywhere in between,” McClure said. “Bank rates are great, without a doubt, but almost all of our customers need speed, limited paperwork, a quick approval process, generous loan-to-value ratios and they need the certainty of closing. With conventional lending institutions, this is going to take up valuable time that most real estate investors don’t have. So they come to us. We are filling this need and we are closing quickly. Sometimes in less than a week.
“GenX Lending and Mark in particular have been beasts,” said a representative from development firm Moxie Cove Partners. “Their access to capital and the speed at which they move is unreal. We just closed a $ 1.62 million loan with them last week. From start to finish, it only took two weeks. No evaluation needed and they even increased the LTV by 5% to help us maximize the proceeds at close. They’ve reinvented bridging credit in Maine without running out of capital and it’s refreshing.
Due to GenX Lending’s success in participating in other developers’ deals, their parent company, GenX Capital Partners, has now decided to participate in the rise of home construction as well. They are currently developing single family homes and subdivisions in the Greater Portland market. Three major condo and multi-family developments are in the process of being approved or have already been approved.
“Lending and injecting equity into other developer’s projects has been great from a rate of return standpoint, without a doubt,” McClure said. “But we have also received inquiries to acquire ready-to-go projects. With the bulk of the work being done from a moderate cost perspective, with eligibility and approval risks all but eliminated, and the market being what it is, merging the loan and development component seemed like a good match. Two strong funnels to keep pumping capital out onto the streets and hopefully generating outsized returns for ourselves and investors. “
McClure praised his development team, seasoned professionals Ronnie Goddard and Paula Wallem, who were the catalyst in making the development phase happen so quickly and efficiently, expertly overseeing budgets, teams and infrastructure. of more than 15 houses emerging from the ground in three different cities at the same time.
“Ronnie and Paula have been great,” said McClure. “The speed at which they launched our development arm, RPM Development, has been nothing short of amazing. Putting together quality teams in this tight labor market, acquiring excavators and a founding company to accelerate our expansion, and expertly navigate the complexities of approvals and orders to get us to where we are today. Sales are strong and we hope to have several larger projects, more than 150 units, which will come out of the ground at the end of November and first 2022. “
If you’re a real estate developer or pinball machine looking for quick capital – $ 250,000 to $ 10 million – to grab a pressing opportunity, visit GenX-Lending.com fill out a simple online form. For offers of $ 10 million and more, visit GenXCP.com or call 305-507-6777.
If you are a broker or developer with a ‘shovel-ready’ project that you want to sell or are looking for a potential JV partner, send an email [email protected] with a summary of the transaction and any other relevant information you have.
Mid-year 2021 review of the NAI Dunham industrial and office market