Summary: The Madison
Group (TMG), a leading national lending source of Self-Storage financing
arranged the $6,422,200 refinance for 3 storage facilities in Nevada.
The borrower’s primary goal was to combine three separate
self-storage stores in the same market into one loan. Underwriting was
complicated due to one of the properties being recently completed and only at
70% occupancy. The borrower’s wanted to lower the current interest rates for
loans that were maturing soon and lock in a low rate for 10 years. The 30-year
amortization loan with a fixed term of 10 years at 4.095% and no prepay met the
borrower’s long term investment strategy.
TMG worked painstakingly with the lender and underwriting to
provide data and updates on income and the market conditions. This was an
incredibly challenging loan due to the complexity of the properties combined
occupancy and 12- month trailing income. The borrower, being a professional
investor, stayed patient and calm during delays of 3rd party reports
and unfortunate pandemic delays. Closing in December ahead of year end was a
great gift for all parties involved and the borrower is truly satisfied.
Property: Self-Storage facilities
Loan Amount: $6,422,200
Interest Rate: 4.095%
Term: 15 (10+5) Years
Amortization: 30 Years