Transaction Details
Residential Subdivision
$3,537,523
Alton, TX
Residential Subdivision
- Project Type: Residential Subdivision
- Leverage: 70% LTV; 85% LTC
- Term: 18 Months
- Rate: 10.8%
- Guaranty: Recourse
Transaction Overview
Max Benjamin Partners, Inc. (“MBP”) has secured a a construction completion loan for the last phase of a 118-unit residential subdivision project in Alton, TX. The Sponsor, a repeat client, had previously engaged MBP to facilitate a condo inventory loan for the 84 completed units, which we recently closed over the last 60 days. The remaining 24 units were in the middle of construction, with the loan coming due within a 30-day timeframe. We were able to get the existing lender fully paid off, and add another 18 months of runway for the Sponsor to complete construction and execute their rent-to-own exit strategy.
The Rio Grande Valley is one of the fastest growing markets in Texas, and it is expected that the population will double within the next 10 years. The Sponsor is very well positioned to deliver housing at an affordable price point to accommodate the growing population. We are excited to see these final units come to life and to continue assisting the Sponsor in capitalizing their future projects in the RGV.
MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.
MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.
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Work with us to see what our talented team, vast network of debt and equity providers, and capital markets expertise can do for you.