AUSTIN--Thrive FP, an Austin-based commercial real estate investment and lending firm, is launching a new, $50-million fund called Thrive Lending Fund LLC to ramp up its private-lending business throughout Texas.

Thrive FP has tapped 19-year banking industry executive Justin Brogna to run operations. Most recently, Brogna served as the Austin president of Independent Bank. He will now serve as Thrive Lending's chief operating officer, where he will be responsible for carrying out the fund's operations and lending efforts.

"Many people were surprised when I left the bank, as I had spent my entire career in that industry,” Brogna told GlobeSt.com. “It's really a reflection of two things: First, the banking industry has shifted. Too many quality borrowers and assets are not making the cut and are unable to secure traditional bank financing.”

Since its launch in 2007, Thrive FP and its affiliates have invested over $100 million in debt and equity, with over $350 million of real estate purchased. Thrive FP and its affiliates currently hold interests in over 4,000 apartment units that are valued at over $225 million and have lent more than $65 million in private money loans.

“As we've grown, we've succeeded—and done so while ensuring that both our clients and our investors win,” says JP Newman, founder and CEO of Thrive FP. “The next logical step was for us to create a fund. Essential to our growth was finding the right person to implement our lending program, and we're thrilled to have Justin on our team.”

Thrive Lending will specialize in lending to real estate professionals, investors, developers, and local homebuilders for both residential and commercial real estate projects, with loans from $250,000 to $10 million. The loans are fully collateralized by real estate, and range in term between six to 36 months. Already, the new fund is in negotiations for deals involving apartments in the Austin, Dallas and San Antonio markets.

“The collapse of the capital market triggered a shift in the banking industry that has left too many legitimate borrowers in need of lending services that simply can't be met by the banks,” Brogna says. “It's exciting to align with a firm that's earned such a high quality reputation for providing private lending services and equity. Our goal is to serve the segment of the market that banks fail to serve.”