Fort Lauderdale, FL -- (SBWire) -- 04/29/2021 --All this is set to change according to GenX Lending, a division of GenX Capital Partners, LLC based in Miami, FL, and Portland, ME. Mark McClure, managing partner at GenX lending, says of the closing cost dilemma, "With the exception of last year, which was slow for everyone, we would close on verbiage over $100 million a year in debt and equity financing for seasoned real estate developers and entrepreneurs...And many times, for our clients, the equity component to close a deal has been a hurdle."
GenX Lending plans to lend the 70 to 80% of funds needed to develop and spend it - and sign on as a partner for the last bit of the deal as it closes, amounting to 90 to 95% of a deal's total capital stack. GenX Lending hopes this eliminates the need for borrowers to seek an expensive equity partner, which can typically amount to 15% for returns on investments. They want equity partners to keep their profits and control their end of the deal.
GenX Lending's plan could prove successful given the current booming real estate market in Florida, even with Orlando hard money lending. For more information about hard money lenders in Miami and Broward County hard money lending please visit us online.
