Since 2017, Cape Elizabeth, Maine native Mark McClure has headed up GenX Capital Partners, LLC, a Miami, Fl. based real estate investment banking firm that has closed more than $400 million in commercial real estate debt and equity financing for seasoned developers and investors on a national basis.

Until recent years, the size of the Maine market has not been conducive to McClure’s financing platform. He found it frustrating because it is a market he not only understands, but loves.

Now, with the growth of fix and flips and real estate investors in dire need of more flexible capital for subdivisions and single-family home development, McClure has seen increasing need for his GenX Lending hard money financing platform in Maine and New England.

“Over the last few years living in Miami and traveling back and forth to Maine to visit friends and family, there was a hyper growth of spec home building and fix and flips,” said McClure, who took note of the real estate investors, brokers and developers in Southern Maine emailing and calling him almost daily seeking capital for their projects.

“Banks had pulled back the reigns, so to speak, on this type of lending and those that were lending had lower LTVs, more stringent borrowing criteria and then there’s the long decision-making process,” McClure stated. “With the local hard money lenders almost tapped out we saw the opportunity to bring our GenX Lending platform to Maine and New England overall.” He will be opening offices here in April.

McClure said there is a distinct difference between the deals GenX Capital Partners, LLC underwrites and finances and how GenX Lending works.

GenX Capital Partners focuses on large real estate debt and equity opportunities for their partner funds, with check sizes ranging from $5 million to upwards of $100 million or more while the other focuses entirely on “hard money” or bridge lending opportunities with loans ranging from only $200,000 to $5 million, geared almost entirely toward fix and flip and smaller real estate development deals that need quick decisions and fast closings.

“We are real estate developers and investors ourselves,” McClure said. “We fully understand the need for developers to have access to quick capital that allows them to pounce on deals without having to worry about tons of paperwork and a drawn-out approval process. You need a decision yesterday and funds just as quick, and that is what I believe separates us from everyone else.”

Because GenX Lending is a direct lender backed by institutional equity, their approval process to funding can be done in two weeks or less.

“We move as fast the borrower gets us what we need and we combine that with common sense underwriting, flexibility and a more lenient borrowing criteria,” added McClure.

The GenX Lending Process

GenX Lending keeps the borrowing process simple and straightforward. Borrowers can take the first step by going to their website and filling out one-page forms right on the main page. Send them back with as much supporting documentation as you have, and within 24 hours they will have a decision and terms. If terms are agreeable, the borrower will receive a commitment along with a list of items needed to underwrite. A few days later, they will set a closing date.

With this type of speed and lenient criteria, the loans come with higher rates than a local bank. McClure was straightforward about the rates, terms and conditions too. He said GenX Lending is typically in the 9 to 12 percent interest rate range, with one-to-two year terms and potential extensions if need be.

“We can get to 85 percent loan to cost which is rarely seen, and on fix and flips, 70 to 75 percent of the purchase price and 100 percent of the rehab dollars,” McClure explained.

“People get it. We have the ability to get flexible if we really like the location and/or borrower and their track record. Most importantly, unlike a lot of the hard money lenders in New England, especially Maine, we give the borrower assurance of closing as we have very strong credit line partners behind us. There are no surprises at our closing table.”

To get your project financed or for more information call 305-507-6777, go to GenX-Lending.com or email [email protected]