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.”